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Senate Committee on Delegated Legislation on Friday sought explanation from Securities and Exchange Commission of Pakistan (SECP) and Oil and Gas Regulatory Authority (OGRA) on certain rules of the regulators to remove ambiguity.
The committee chaired by Senator Ayesha Raza Farooq, which was attended by Senator Mian Raza Rabbani, Senator Hasil Khan Bizenjo, Senator Rukhsana Zuberi, Senator Kalsoom Parveen, Senator Dr Asad Ashraf and Senator Robina Khalid, also decided to work towards establishing a mechanism to scrutinise subordinate legislation and discuss the lacunae in delegated legislation from 2015 to 2018.
The committee discussed in detail the report on lacunae in delegated legislation from 2015 to 2017 and recommended suggestions for improvement. Overall 18 rules, regulations and orders were reviewed out of which there were suggestions to amend five.
On the Underwriter's Rule 2015, the committee decided to write to the SECP and ask the regulatory body to specify what "public interests" are referred to in the rules. Raza Rabbani and other senators pointed out that "public interest" is a vast subject and the SECP needs to specify as to what it means as per the said rule.
The committee also asked the SECP to explain in detail the 'Interest of Capital Markets' mentioned in the said rule.
Discussing the Pakistan Oil (Refining, Blending, Transportation, Storage and Marketing) Rules 2016, it was recommended that the OGRA be called in the next meeting, in order to seek clarification on some of the rules deliberated upon by the committee. The committee directed the OGRA to present complete set of rules before the panel in its next meeting.
Reviewing the Premium Prize Bonds (Registered) Rules 2017, it was recommended that complete set of rules be sought from the relevant ministry which then be analysed by the committee in the next meeting.
The committee also decided that a comprehensive framework for scrutiny of delegated legislation be developed, including the provision of timeframe to the relevant parent ministry/division/department for framing such rules/regulations and placement of subordinate legislation before the House.
While discussing the report that was presented in an academic seminar co-organised by the Institute for Advanced Legal Studies, University of London, and Westminster Foundation of Democracy, the committee lauded Senator Rabbani for his participation and presentation of paper on behalf of Pakistan in the said seminar and said that the committee and the House were proud of his contribution.
The committee while praising Senator Rabbani's paper and contribution endorsed the London Declaration unanimously.
Senator Rukhsana Zuberi was of the view that the report and Rabbani's paper should be discussed in the House as well.
On this, the chairperson of the committee said that the paper would be moved in the House for discussion.

Copyright Business Recorder, 2018

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