Securities and Exchange Commission of Pakistan, Employees Old Age Benefits Institution sign deal for increased cooperation

Islamabad, December 30, 2013 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) and Employees Old Age Benefits Institution (EOBI) sign memorandum of understanding (MOU) aiming for enhanced cooperation and coordination in pursuance of mutual objectives.

Mr. Tahir Mahmood, Acting Chairman SECP and Mr. Muhammad Ayub Sheikh Chairman EOBI, signed the MOU here at the SECP Head office in Islamabad, in the presence of senior officials from both institutions. The MOU mainly calls for sharing of information of mutual interest, utilization of services of the field staff of EOBI and consultations on matters of common regulatory, supervisory and overseeing interest.

The information sharing arrangement is expected to greatly enhance the efficiency and effectiveness of both organizations. It will be mutually beneficial for the SECP and EOBI to share information that is relevant to each other. Further, a mechanism has also been devised for information sharing between the two institutions.

It has been agreed to support and facilitate each other in pursuit of the common goal of documenting and corporatization of the economy. The MOU is envisaged to have a direct impact mainly on the documentation of economy front, wherein, non-corporate sector will be pursued to get into the formal corporate sector using the synergy created with the collaboration of the SECP and the EOBI.

Through the MOU, it has also been agreed that the two bodies shall inform each other about prospective legal and policy changes that have an impact on industry, product or overseeing responsibility of the other. Both institutions have resolved to further enhance the cooperation in the times to come.

Tickers:

1. The SECP and EOBI signed MOU for increased cooperation, coordination and information sharing.

2. Signing ceremony held at the SECP head office in Islamabad today.

3. The MOU mainly calls for sharing of information, utilization of services of the field staff of EOBI and consultations on matters of common regulatory and supervisory interest.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk

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