SECP deplores incorrect reports, comments

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has deplored recent reports and comments in a section of the press giving an impression that recent internal restructuring had abolished the legal function of the SECP and that all legal checks and balances had been removed.

The legal function continues to exist under a new name: Legislation and General Counsel Department (L&GCD). This move is completely in line with the best international practices followed by securities’ regulators in other jurisdictions such as such as the Securities Commission Malaysia, Australian Securities and Investment Commission, US SEC, etc.

The restructuring is the result of a well-thought-out decision made after thorough internal discussions and feedback from the SECP operating departments. It is aimed at improving the performance and efficiency of the organization. The SECP would like to emphasize that there is no change in policy with regard to any of the functions mandated to it under the laws administered by it.

The L&GCD will perform two important functions of legislation and giving legal advice to the SECP on the interpretation of laws administered by the SECP. The new structure will facilitate a focused approach on these two critical legal activities. The operating departments can solicit expert legal advice from the L&GCD on any legal issue.

Under the new structure operating departments have been provided with legal resources, enabling them to pursue litigation much more efficiently and rigorously. This will also improve quality and efficiency of these departments in other areas. This practice is not new to the SECP and existed before.

The SECP is striving for the development of a vibrant corporate sector and a capital market which is fair, transparent and efficient and in line with global best practices. Further measures are being taken to improve internal working and human resources of the SECP along with steps to develop sectors and markets.

SECP granted licensed 12 non-profit associations during last quarter

ISLAMABAD, January 18: The Securities and Exchange Commission of Pakistan (SECP) granted licenses to 12 non-profit associations under Section 42 of the Companies Ordinance, 1984, during the last quarter of 2010.

These associations include, Passenger Welfare Foundation, Brands Foundation, Pine Rural Area Development Organization, Radio Livestock Pakistan, Paving Paths Foundation, Progressive Friends Foundation, Kohsar Progressive Foundation, First Step Foundation, Hadeedian Association, Center for Cultural Dialogue & Research, Conservation and Hunting Association of Pakistan and Snow Leopard Foundation.

The sector-wise breakdown reveals that 5 associations were granted licenses in the social services sector, 2 each in healthcare, education and environment conservation, and one in charity.

Radio Livestock Pakistan has been established in the public sector to provide a platform for the promotion of livestock and dairy sector in Pakistan by establishing a network of FM radio stations to create awareness on these sectors and their related activities.

Snow Leopards Foundation seeks to work for conservation of snow leopards and other wild carnivorous animals across Pakistan, while improving the lives of people who live in the neighbourhood of their habitats. This association has foreign funding from potential donors, i.e., UNDP, Snow Leopard Trust (USA), Panthera, and International Bear Association etc.

Brands Foundation has been founded with a unique concept of promoting brands culture by organizing healthy competition among brands, conduct quality surveys, analysis, rating, and establish international best brand practices.

Passenger Welfare Foundation intends to work for the welfare of passengers by provision of facilities. Pine Rural Area Development Organization has been formed to develop rural areas and Center for Cultural Dialogue & Research to resolve cultural and religious conflicts in the society.

Paving Paths Foundation and First Step Foundation seek to set up and administer hospitals, clinics etc., and to run rehabilitation centres for treatment of drug addicts respectively.

Others include Kohsar Progressive Foundation and Hadeedian Foundation with the objective of establishing and promoting educational institutions, Progressive Friends Foundation aims at helping the poor and the needy, and Conservation and Hunting Association of Pakistan at promoting ethical and legal values of hunting and shooting of animals and birds.

It is expected that new associations will play a significant role in serving the society and the masses in their respective fields.

SECP granted licenses to 16 non profit associations

ISLAMABAD – July 8, 2010: During the first half of 2010, the Securities and Exchange Commission of Pakistan (SECP) granted licenses to 16 associations not for profit under Section 42 of the Companies Ordinance, 1984.

Four of the 16 associations belong to the public sector, the remaining are from the private sector. Eight associations have been granted licenses in the social services sector, two each in research/policy matters, provision of housing facilities for employees, one each in sports, charity, commerce and environmental protection.

The associations include Green Emergency Forum, Vision 21 Foundation, Pehchan, Zakria Foundation, WAPDA Endowment Fund for Sports, Furqan Education Foundation, Abbassciy Foundation, NRSP Institute of Rural Management, Energy Foundation-Pakistan, Centre for Strategic and Policy Analysis, Foundation for Better Tomorrow, Pakistan Institute of Cost and Contracts, Pakistan Wildlife Foundation, GEPCO Employees Housing Foundation, Pakturk Businessmen Association and COMSATS Employees Housing Foundation.

NRSP Institute of Rural Management has been created by the National Rural Support Programme, mainly to provide training and research for building the capacity of communities and professionals, fostered by the NRSP and other rural support programmes.

Pakistan Institute of Cost and Contracts has been formed by the Pakistan Engineering Council, NESPAK and All Pakistan Constructors Association, to undertake research and to provide a single and credible source for cost data of all construction inputs. It also seeks to develop schedule of rates and procurement documents, guidelines for cost estimation of construction works, etc.

Pakturk Businessmen Association has been formed to encourage trade, commerce and economic relations between the business communities of Pakistan and Turkey.

Green Emergency Forum has been created to promote environmental protection and conservation. Zakria Foundation aims at providing health facilities to the needy, and Vision 21 Foundation at supporting research on policy issues. The main object of Pehchan and Furqan Education Foundation is to establish and promote educational institutions. The non-profit sector is playing a significant role in the promotion of commerce, art, literature, science, religion and sports. It has been providing valuable social services to the public.