ISLAMABAD: The federal government Wednesday introduced “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2021” in the National Assembly to enhance the SECP’s operational autonomy, establishing independent Financial Services Market Tribunal and strengthening of Audit Oversight Board (AOB).
The government also introduced another, “The Civil Servants (Amendment) Bill, 2021” and laid three ordinances, “the Employees’ Old-Age Benefits (Amendment) Ordinance, 2020”, “the Criminal Law (Amendment) Ordinance, 2020”, and “the National Institute of Health (Re-Organization) Ordinance, 2020”, before the House.
According to objectives of “The Securities and Exchange Commission of Pakistan (Amendment) Bill, 2021”, to enhancing SECP’s operational autonomy, establishing independent Financial Services Market Tribunal and strengthening of Audit Oversight Board (AOB).
“The draft amendments put emphasis on enhancing SECP's governance by providing a transparent appointment process and code of conduct for statutory posts and strengthening of provisions pertaining to eligibility criteria, dismissal, tenure and conflict of interest, ensuring operations of SECP as a collegiate body and clarifying role of the policy board.”
According to clause 31 of the Bill, “(1) the AOB shall conduct recurring direct inspections of registered audit firms and the work performed by the Institute’s Quality Assurance Department and Quality Assurance Bureau (QAB) with respect to audits of public interest entities. In addition, AOB may conduct an inspection on a complaint, suo moto or on reference made by the Commission or State Bank of Pakistan or any other grounds to ensure compliance with this Part or regulations made hereunder.”
The clause 32 of the Bill described as “Any person aggrieved by an order passed by Audit Oversight Board (AOB) or a committee or an employee of AOB under delegated authority may prefer an appeal within thirty days of such order before the Chairman of AOB who shall constitute an appellate panel comprising not less than three persons which may include member of AOB and persons who are not members of AOB. The Chairman of AOB shall be the chairman of the appellate panel.”
According to objects and reason of “The Civil Servants (Amendment) Bill, 2021”, the Bill seeks to amend the Civil Servants Act, 1973 (LXXI of 1973) with the objective that the Cabinet in its meeting held on 8th November 2017 while considering the summary submitted by Petroleum Division regarding appointment of director general Hydrocarbon Development Institute of Pakistan (HDIP) inter-alia decided that all ministries and divisions should in consultation with Law and Justice Division, make amendments in the respective acts/rules and replace the words federal government with appropriate authority(ies).
Copyright Business Recorder, 2021
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