The Securities and Exchange Commission of Pakistan (SECP) will constitute a Quality Assurance Board (QAB) comprising members from Commission; State Bank of Pakistan (SBP) and professional valuers to develop valuation standards for valuation profession in Pakistan. The QAB has been proposed through Valuers Registration and Governance Regulations 2017 issued by the SECP here on Tuesday.
According to the draft regulations, the Commission shall form the Quality Assurance Board (QAB). The QAB shall comprise of five members in the following manner: Two members nominated by the commission; one member nominated by the State Bank of Pakistan (SBP) and two members nominated by the Commission from amongst the professional valuer working in the industry.
The chairman and the vice chairman of QAB shall be appointed by the Commission from the members. The chairman or the vice chairman shall not be full time employee of the Commission. The members of the QAB shall be appointed from amongst the persons of eminence having experience in the field of engineering, accountancy, law, economics, business or finance.
Responsibilities and Functions of the Quality Assurance Board:
The Board shall be responsible to develop and improve standardized formats for valuation reports; develop valuation standards for valuation profession in Pakistan and recommend to the Commission for notification; develop and improve the Code of Conduct and recommend the Commission for notification and develop a QCR Program to ensure its adequate and effective implementation in accordance with the framework.
The Board also included to assist, recommend or coordinate the training programs and workshops to help improve quality control system of the valuers; make concerted efforts along with professional valuers to establish a valuer training institute to ensure continual professional development of professional valuers and prepare and make available to the Commission the annual report summarizing the performance of the Board.
Provided that the Board shall seek guidance of the Commission in respect of matters where the Board feels that explicit guidance is not available in the regulations, and the Commission shall decide on the matter expeditiously within a period not exceeding three months of the receipt of such matter or enquiry and recommend appropriate guidelines in relation to valuation practice of the Companies or system of quality control within the valuers that are considered essential and in the interest of the profession and the public interest.
In carrying out the above functions, the Board shall be assisted by the Quality Assurance Secretariat (QAS), SECP maintained.
The valuers shall be subject to quality assurance review under the Quality Assurance Framework to be developed by the quality assurance board, SECP added.
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