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Updated 22 Sep, 2016 08:36am

Committee on real estate proposed

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) on Wednesday decided to constitute a committee to improve regulatory regime and ensure effective regulation of the real estate sector.

The SECP-SBP coordination committee’s quarterly meeting also discussed the draft Bond Pricing Agency (BPA) Rules 2016.

The meeting was attended by SECP Chairman Zafar Hijazi and SBP Governor Ashraf Mahmood Wathra along with their teams.

Discussing the draft Bond Pricing Agency (BPA) Rules 2016, the coordination committee recommended that a ‘BPA oversight committee’ comprising officials from the SBP and SECP should be constituted to ensure fair pricing of bonds.

Other required measures will be taken for the bonds market development.

The committee was briefed on the main features of the eight-point agenda items and decisions were taken.

The issue of maintaining financial stability was discussed and it was decided that the SECP would share its financial stability set-up with the SBP so that both the institutions can learn from each others’ experiences.

Both institutions have set up departments for financial stability related issues and coordination.

Issues regarding the Draft Netting of Financial Contract Bill were also discussed and a broad agreement on the draft was reached.

However, further review of the draft will be undertaken by the SECP.

A framework for commodity warehousing and collateral management will be reviewed by a committee comprising the State Bank and other stakeholders.

Published in Dawn September 22nd, 2016

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