Draft policy unveiled: No 60-plus officer to be appointed or retained, exchanges told

The Securities and Exchange Commission of Pakistan (SECP) has directed futures exchange, central depository and securities exchange not to appoint or retain any person as senior management officer who is above 60 years of age.

The SECP Thursday issued draft policy for appointment of senior management officers at futures exchange, central depository and securities exchange through SRO 311 (I)/2020, SRO 313 (I)/2020 and SRO 314 (I)/2020 and amended Central Depositories (Licensing and Operations) Regulations, 2016; Securities Exchanges (Licensing and Operations) Regulations, 2016, and Futures Exchanges (Licensing and Operations) Regulations, 2017.

If a futures exchange appoints or retains any person as senior management officer who was in the service of a TRE certificate holder/futures broker or an associated company of such TRE certificate holder/futures broker during the last three years, reasons for such appointment shall be recorded in writing by the futures exchange, the SECP said.

Under SRO 313 (I)/2020, any other senior management officer must be a qualified professional possessing relevant experience and degree relating to the job/assignment and must have demonstrated, through his qualification and experience, the capacity to successfully undertake the cognate responsibilities of the position.

Provided that if a securities exchange appoints or retains any person as senior management officer who was in the service of a TRE certificate holder or an associated company of such TRE certificate holder during last three years, reasons for such appointment shall be recorded in writing by the securities exchange.

Under SRO 311 (I)/2020, any other senior management officer must be a qualified professional possessing relevant experience and degree relating to the job/assignment and must have demonstrated, through his qualification and experience, the capacity to successfully undertake the cognate responsibilities of the position.

Provided that if a central depository appoints or retains any person as senior management officer who was in the service of a TRE certificate holder or an associated company of such TRE certificate holder during the last three years, reasons for such appointment shall be recorded in writing by the central depository, the SECP added.