July 15, 2020: The Securities and Exchange Commission of Pakistan (SECP) held a Webinar on revamping and amalgamation of the Securities Act and Futures Market Act. SECP has undertaken the exercise as part of its reform agenda to transform and modernize the legal structure of the capital markets.
The webinar was held to engage the stakeholders for soliciting suggestions for improvements in the laws and amalgamate both the Acts. The Webinar focused on the identification of impediments that hamper business growth, reforms to encourage technological innovation, digitization, regulatory impediments relating to the introduction of Islamic finance products, and areas for development and improvements in market infrastructure.
The Webinar was very well attended by participants from a diverse background. Several suggestions were received from the participants for amendments in the laws. Further, SECP also provided detailed responses to queries raised by the attendees. The SECP aims to achieve a simple, rational, internally consistent and straight forward law capable of being easily understood, implemented and enforced. The law shall serve as an additional advantage for the stakeholders, all consequential beneficiaries as well as the regulators.
The SECP in a short span of time has managed to introduce a multifaceted reform agenda for the capital markets and corporate sector through extensive efforts.