German delegation visits SECP so as to explore
SECP stressed need to cultivate
sustainable and resilient culture
ISLAMABAD: A delegation of German Emirati Joint Council for Industry and Commerce (AHK) visited Securities and Exchange Commission of Pakistan (SECP) to understand the regulatory framework and explore investment opportunities in Pakistan. SECP Chairman Aamir Khan welcomed the delegation and gave an overview of SECP’s regulatory framework and recent reforms to improve doing business climate, says a Press release.
The delegation comprised of Head of Division on Foreign Trade Policy for South Asia, Germany Tobias Pierlings, Deputy Ambassador Dr. Philipp Deichmann, First Secretary Economic and Political Section Christian Böttcher, and other representatives of German Embassy, German Federal Ministry of Economic Affairs, German Foreign Chamber of Commerce, and German companies.
Khan also shed light on the rights and benefits offered to all shareholders, foreign and local alike, including minimal capital flow restrictions, and investments in PE & VC Funds & Alternative Funds units on repatriable basis.
SECP Registrar of Companies Mubasher Saddozai informed the delegation about types of companies in Pakistan, and the reforms undertaken by the SECP to promote corporatization and facilitate operations of companies in the country. He shared information regarding SECP’s reforms including end-to-end digitalization of incorporation process, digital CTCs, online bank portal, incorporation guides in various foreign languages, and WhatsApp service to timely address any queries. SECP Head of International Relations Department Musarat Jabeen was also part of the meeting and briefed the visitors of SECP’s active engagement with international jurisdictions and International Organization of Securities Commissions (IOSCO) members.
Members of the delegation were eager to inquire about various processes for improving bilateral commerce and SECP’s role in facilitating foreign companies investing in Pakistan.
SECP officials comprehensively addressed the queries posed by the delegation and answered queries regarding the capital markets, insurance and non-banking financial sector.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) stressed the need to cultivate a sustainable and resilient culture of AML/CFT compliance within the non-bank financial sector.
Talking at the training program arranged by Mutual Funds Association of Pakistan (MUFAP), SECP Commissioner Sadia Khan highlighted the critical role of Non-Banking Finance Companies (NBFCs) in preventing the use of financial systems by the criminal elements. She appreciated the effort of the industry to improve its capabilities for safeguarding the sector against the risk of money laundering, fraud, and terrorism. The session was attended by compliance professionals and practitioners of the asset management companies.
Commissioner Sadia emphasized that SECP with the support of the Government, has introduced various regulatory reforms to rationalize the legislative requirements and refined the regulatory processes. However, in order to make Pakistan the chosen destination for international investments, the industry needs to implement an effective AML compliance program to attain an improved international ranking for Pakistan’s financial sector.
She said that SECP expects the financial institutions to implement robust compliance programs in line with the specific risks present in the respective sectors. Such initiatives support the development of an effective domestic infrastructure, and complement SECP’s efforts to strengthen AML/CFT Regime.