Islamabad, April 26, 2016 (PPI-OT):The Securities and Exchange Commission of Pakistan (SECP), has notified the draft Valuers Registration and Governance Regulations, 2016, and has also placed the same on its website to obtain public opinion within 30 days.
The draft Regulations are aimed at the regulation and supervision of the work of professional valuers. The Regulations provide for the registration mechanism of professional valuers in the form of Company, on five specialized valuation panels, for which the prescribed eligibility and fit-and-proper criteria has been defined.
The Regulations provide for a quality assurance framework whereby a quality assurance board would be setup to supervise and grant rating to registered valuers through review of their valuation services. High ethical standards and code of conduct has been prescribed for the sponsors, directors and senior management officers of the Valuations Companies.
Previously this area has been largely un-regulated. However the SECP has laid down a detailed roadmap after thorough international research on similar regulatory jurisdictions and conducted deliberation with the main stakeholders including State Bank of Pakistan, Pakistan Banking Association and Professional Valuers. The draft regulations is the outcome of such deliberations, that has been prepared after considering their input and are notified in the Official Gazette for eliciting public opinion. These draft Regulations are also placed at the SECP’s official website.
For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)