International Organization of Securities Commissions
The SECP has been playing an active role in the activities of International Organization of Securities Commissions (IOSCO). The member agencies currently assembled together in the IOSCO have resolved, through its permanent structures:
- to cooperate together to promote high standards of regulation in order to maintain just, efficient and sound markets;
- to exchange information on their respective experiences in order to promote the development of domestic markets;
- to unite their efforts to establish standards and an effective surveillance of international securities transactions; and
- to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offenses.
Presently, the SECP is a member of the Emerging Markets Committee (EMC), member of the EMC Advisory Board, chair of Working Group-3 (WG3) of EMC on financial intermediaries, member of EMC's Working Group-2 on regulation of secondary markets, and member of Technical Committee and Standing Committee on financial intermediaries.
As the chair of WG3, the SECP has successfully completed its work on the mandate of "Cross-Border Activities of Financial Intermediaries in Emerging Markets". In this regard, the SECP prepared a survey report based on responses of more than twenty jurisdictions from emerging markets. The report focused on major impediments to cross border trading, the regulatory treatment of such trading and cross border co-operation and information sharing mechanism between jurisdictions. The report was well received and upon approval of the EMC Advisory Board, it has been placed on IOSCO's website.
After the successful completion of its previous mandate, the SECP proposed adoption of the new mandate on "Guidance to emerging market regulators regarding capital adequacy requirements for financial intermediaries" to WG3. The new mandate was duly adopted by WG3 during the Annual Conference held at Colombo, Sri Lanka in April 2004.
International Association of Insurance Supervisors
The SECP joined International Association of Insurance Supervisors (IAIS) with effect from 1 January 2004. The membership was approved in the annual general meeting of IAIS held in October 2004.
IAIS represents insurance supervisory authorities of some hundred jurisdictions. In addition, there are almost seventy organizations and individuals as observers representing professional associations, insurance and reinsurance companies, international financial institutions, consultants and other professionals. IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. It actively promotes implementation of principles and standards on insurance supervision and works closely with other financial sector standard setting bodies and international organizations to promote financial stability.
Membership of IAIS would be helpful in strengthening the SECP's regulatory capacity and would also facilitate coordination and interaction with insurance regulators of other jurisdictions. Moreover, the opportunity would enable the SECP to participate in standard setting process for the insurance industry and develop the local sector in line with best international practices.
International Organization of Pension Supervisors
The primary goal of International Organization of Pension Supervisor (IOPS) is to serve as the standard-setting body on pension supervision related regulatory issues, and also to promote international cooperation on pension supervisory issues and encourage international contact among pension supervisors including regulators, policy-makers, research organizations and private sector parties interested in pension supervision.
The SECP is one of the founding members of IOPS and is amongst its Governing Members. The SECP is also a member of the Executive Committee and the Technical Committee of IOPS. The SECP assisted the Executive Committee to reformulate the Articles of Association of IOPS and the amended Articles proposed by SECP were adopted unanimously at the 2005 annual general meeting (AGM) of IOPS. The Technical Committee of IOPS drafts the principles and standards for pensions, which serve as an international benchmark. As a part of the Technical Committee, the SECP participated in the development of the Core Principles of Private Pension Supervision which were adopted in the AGM of IOPS held in August 2006.
Asia Pacific Corporate Registers Forum
The Asia Pacific Corporate Registers Forum (APCRF) is an international, not for profit organization for administrators of corporate and securities registers in the Asia-Pacific region. The objective is to promote association and cooperation among member jurisdictions, exchange information on registration systems, interact with the international registry organizations and to remain connected with the changing trends in the corporate sector.
The SECP is a founding member of APCRF and has actively participated in finalization of its constituting documents. The first AGM of APCRF was held in March 2005 in Australia. During the course of the meeting, APCRF's rules, election of executive committee and other related issues were finalized. The SECP was represented in the AGM. The next AGM of APCRF will be held in 2006 in Hong Kong.