Analysts, asset managers and brokerage houses: SECP invites comments on draft codes of conduct

The Securities and Exchange Commission of Pakistan (SECP) has invited comments/suggestions from stakeholders on the draft codes of conduct for analysts, asset managers and brokerage houses.
The SECP on Monday informed the general public that draft codes have primarily been derived from the codes of conduct issued by the CFA Institute and set out the minimum standards for analysts, asset managers and brokerage houses in areas like duties of due care, skill and diligence, qualification, adequacy of resources and procedures, information exchange with clients and its disclosure, compliance and controls and responsibilities of management.
A phase-wise implementation approach for the codes of conduct will be followed by the commission. After receiving the public comments (till October 31, 2007) and discussions with stakeholders the SECP would announce timelines for issuance of final codes of conduct and related implementation guidelines together with implementation schedule.
Moreover, SECP is also contemplating to introduce a certification requirement for investment professionals/analysts. This certification requirement may be partially based on the curriculum of the CFA examinations.