ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Employees Old-Age Benefits Institution (EOBI) on Monday signed a memorandum of understanding (MoU) to share information and enhance cooperation with each other.

The move is part of financial sector reforms the government has agreed to implement under the agreement with the IMF to facilitate investors and reduce duplication of work by regulators.

SECP acting chairman Tahir Mahmood and EOBI chairman Mohammad Ayub Sheikh signed the MoU at the SECP head office.

Both the entities would share information required by each other, the services of EOBI field staff could be utilised by SECP to cross-check certain information, including the implementation of corporate social responsibility (CSR) as filed by companies in their annual reports.

“We will also have consultations on matters of common regulatory, supervisory and overseeing interest,” the SECP chairman said.

The information sharing arrangement is expected to enhance efficiency and effectiveness of both organisations.