US offers to train SECP officers

ISLAMABAD, July 3: The US Commodities Futures Trading Commission (CFTC) has offered its cooperation in the training of officers of Securities and Exchange Commission of Pakistan (SECP) in commodities markets operation, according to SECP press release here on Thursday.

The offer was made when the SECP Chairman, Mr Abdul Rehman Qureshi met the CFTC chairman in Washington where he had gone to attend the meeting of Staff Committee No. 3 of International Organization of Securities Commissions (IOSCO) held on June 25-26.

The SECP Chairman, it may be noted, is Chairman of Working Group 3 of Emerging Markets Committee (EMC) too.

The meeting discussed issues of vital contemporary importance, especially, the regulation of market intermediaries in a cross- border environment, capital adequacy regime applied to securities firms, principles of underlying financial report and current reporting practices and survey of regime for client asset protection.

Qureshi took advantage of his sojourn in the US capital to exchange his views with his counterparts from other jurisdictions concerning the role of IOSCO, with particular reference to the regulation of securities trade for development of capital markets and protection of investors by the member, Securities Commissions.

During his meeting with the CFTC chief, SECP Chairman discussed matters relating to operations and regulation of trading in commodities futures contracts. This meeting was especially very useful because the CFTC Chairman offered his full support and cooperation to the SECP.

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