ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has been re-elected to the International Organization of Securities Commissions (IOSCO) Board for the fifth consecutive term of 2020-2022.
IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation. IOSCO’s membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions. SECP has been an IOSCO member since 1998 and on its Board since 2012.
SECP Chairman Aamir Khan said, “IOSCO has a critical role in leading the development of global framework for securities markets and Pakistan looks forward to supporting this mandate as part of IOSCO board to improve regulatory standards.”
SECP has been elected to the board as representative of the Asia Pacific Regional Committee. The SECP is fully committed to advancing IOSCO’s mandate to strengthen market infrastructure, enhance cooperation, improve standards of regulation for efficient and transparent markets, and protect and promote investor confidence. SECP is also a full signatory to IOSCO’s multilateral memorandum of understanding which is considered the international benchmark for cross-border co-operation.
Following election of the board, its inaugural meeting was held on June 09, 2020, wherein the new Board elected its leadership for the term 2020-2022. The Board’s leadership consists of a single Chair and two Vice Chair positions. Due to the COVID pandemic, Board members, including SECP participated through digital medium and unanimously re-elected Ashley Alder, CEO of Securities and Futures Commission (SFC) Hong Kong, as its Chair and Jean-Paul Servais, Chairman of Financial Services and Markets Authority (FSMA) Belgium, as a Vice Chair. It also elected Heath P. Tarbert, Chairman of the Commodity Futures Trading Commission (CFTC) of USA, as a new Vice Chair.