Muhammad Ali, Chairman Securities and Exchange Commission of Pakistan on Thursday highly appreciated the performance of the Competition Commission of Pakistan (CCP) with the comments that the SECP is not in league with payment of 3 percent fee/charges to the CCP.
When asked why the SECP is not ready to fulfil the legal requirement supported by the Ministry of Finance, SECP Chairman said that the CCP is a very important institution for the promotion of competition and checking anti-competitive practices in the country. The role of the CCP is very crucial to check cartelisation and anti-competitive behaviour of companies. As far as non-payment of 3 percent fee/charges by the SECP is concerned, "we have disagreement on the issue and we will take up the issue with the concerned government authorities in this regard" Muhammad Ali added.
The SECP Chairman further acknowledged that the CCP is playing a very active role in promotion of competition in the country, but showed his disagreement on payment of fee/charges to the CCP. The reservations of the SECP on the issue would be taken up at the level of the relevant forum, he added. The Competition Commission (Collection of Fees and Charges) Rules, 2009 deals with the transfer of fees and charges levied by regulatory agencies.
The percentage of fees and charges shall be such as the Federal Government may from time to time prescribe and notify in the official Gazette. The regulators liable to pay specified fee to the CCP included the Securities and Exchange Commission of Pakistan; the National Electric Power Regulatory Authority; Oil and Gas Regulatory Authority; Pakistan Telecommunication Authority; and Pakistan Electronic Media Regulatory Authority.