August 18, 2006	Friday	Rajab 22, 1427

ISLAMABAD, Aug 17: A conference of the Working Group 3 (WG3) of the International Organisation of Securities Commissions (IOSCO) of Emerging Market Countries (EMC) here on Thursday discussed a draft report that outlines guidance to emerging market regulators regarding capital adequacy requirements for financial intermediaries in the region.

The Securities and Exchange Commission of Pakistan (SECP) organised the conference presided over by its chairman Raziur Rahman Khan. Capital market regulators from Egypt, India, Sri Lanka and Oman attended the event.

The IOSCO provides a forum for group discussions and sharing of information and expertise with a view to providing guidance to emerging markets world over, and promoting high standards of regulation in order to maintain just, efficient and sound markets.

The IOSCO's wide membership regulates more than 90 per cent of the world's securities markets and it is the world's most important international cooperative forum for securities regulatory agencies.

Pakistan is an active member of IOSCO and has the added responsibility of being the chair of WG3, within the IOSCO. The current mandate for WG3 is to prepare a report that outlines guidance to emerging market regulators regarding capital adequacy requirements for financial intermediaries.

The SECP has worked as a group on this, conducting desk research, formulating and circulating a questionnaire, analysing and compiling the results and finally drawing conclusions and recommendations.

The draft report is in the final stages of completion. Today's meeting was held to solicit valuable comments and suggestion on the draft report.

The representatives from the member countries presented to the meeting the existing capital adequacy requirements in their own jurisdictions and also proposed the changes in the pipeline to make the capital adequacy standards safeguards and procedures more effective and mean for protection of investors.

The SECP also discussed in details the capital adequacy approaches being followed by the jurisdictions and apprised the participants above the existing capital requirements and proposed capital adequacy regime.