SECP guidelines for cross-border transactions

Published April 30, 2020
SECP can seek and aid on reciprocal basis to international regulators for assisting in any inquiry or investigation. — Reuters/File
SECP can seek and aid on reciprocal basis to international regulators for assisting in any inquiry or investigation. — Reuters/File

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued guidelines for cooperation with international regulatory bodies to strengthen detection and deterrence of cross-border financial misconducts.

Under the law governing financial regulators in the country, the SECP can seek and aid on reciprocal basis to international regulators for assisting in any inquiry or investigation for contravention of laws relating to financial services.

The law also authorises the commission to require production of any information or document from any person on the request of the requesting authority.

The SECP guidelines will allow for cooperation not only in investigations but also in other types of inquiry, as part of a compliance program for preventing illicit activities.

The regulators, that have bilateral cooperation agreement in this regard, can also exchange general information about matters of regulatory concern, including financial and other supervisory information, technical expertise, surveillance and enforcement techniques, anti-money laundering and countering terror financing information and investor education.

Published in Dawn, April 30th, 2020

Opinion

Editorial

17 Jan, 2022

Security policy unveiled

PAKISTAN’S freshly unveiled National Security Policy has broadened the traditional concept and included economic...
Bold decisions
Updated 17 Jan, 2022

Bold decisions

IT is a double blow within a matter of days. The Islamabad High Court’s order last week to demolish a navy golf...
17 Jan, 2022

Rohingya camp blaze

A HUGE blaze in a refugee camp housing members of the Rohingya community in Bangladesh last week has left up to ...
16 Jan, 2022

Omicron threat

AS Pakistan grapples with the fifth coronavirus wave fuelled by the Omicron variant, the state must take timely...
Updated 16 Jan, 2022

Grim picture

There is much the govt can do to create an environment free of repression and coercion so that democracy is strengthened.
16 Jan, 2022

Larkana jail unrest

THAT Larkana Central Prison authorities had to resort to the excuse of “cleaning the jail” to shift 13 dangerous...