ISLAMABAD, Oct 22: The International Organization of Securities Commissions (IOSCO) has accepted the proposal presented by the Securities and Exchange Commission of Pakistan (SECP) to set out the mandate of the Working Group on Regulation of Market Intermediaries, according to a SECP press release issued here on Wednesday.

After thorough discussion on the proposal, the annual conference of IOSCO held at Seoul recently decided that the Working Group, of which Pakistan was elected as chairman for the second consecutive term, would deal with cross-border activities of multinational securities firms.

SECP chairman Dr Tariq Hassan represented Pakistan in the conference. The theme of the conference was “New challenges for securities markets and regulators”.

A major achievement of the conference was the adoption of a new instrument to assist members of the IOSCO in drafting more effective securities regulations.

Called “The IOSCO methodology for assessing implementation of the IOSCO objectives and principles of securities regulation”, the instrument would assist the 181 members from more than 100 countries in identifying areas where their securities regulations fall short of the international standards as set out in the IOSCO principles.

The new methodology, the press release stated, would help develop expertise and know-how relating to the regulation of securities market to be translated into improving overall opportunities for global investment.

The conferences also deliberated on the “multilateral memorandum of understanding concerning consultation and cooperation and the exchange of information”, which would be the first global information-sharing arrangement among securities regulators.

The SECP would review the existing legal framework in Pakistan prior to becoming a signatory to the MoU, it added.