The Securities and Exchange Commission of Pakistan (SECP) and Capital Market Authority (CMA), Sultanate of Oman, recognising the increasing international activity in the financial markets and the corresponding need for co-operation between the relevant national authorities, signed a Memorandum of Understanding (MoU). The MoU was signed in Beijing on the sidelines of IOSCO Annual Meeting by Muhammad Ali, Chairman SECP and Abdullah bin Salim Al-Salmi, Executive President of CMA.
The MoU will pave the way to further enhancing regulatory co-operation and information sharing between the two counterpart regulatory authorities of Pakistan and Oman. The MoU reiterated the commitment of the two leading securities regulators to work together in ensuring that securities and commodities markets in both the countries are fair, transparent, efficient and regulated.
Both CMA and SECP are signatory to IOSCO Multilateral Memorandum of Understanding, the international standard for information sharing between the securities regulators, and the MoU would supplement the co-operation extended under the umbrella of Multilateral MoU. The SECP has been promoting co-operation with its counterpart regulatory authorities of the capital market at the bilateral, regional and international levels. It has already established co-operative arrangements through MoUs with the regulatory agencies of India, the Maldives, Australia, Bhutan, Sri Lanka, Iran, China and Turkey.-PR
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