SECP Seeks Stakeholder Feedback on Enhanced Certification Requirements in Financial Services

Stock Exchange Announcements

Karachi: The Securities and Exchange Commission of Pakistan (SECP) has issued a call for feedback on proposed changes to the mandatory certification and Continuing Professional Education (CPE) requirements in the financial services industry. The announcement, detailed in a letter dated July 1, 2024, emphasizes SECP's commitment to bolstering the professional competence and integrity of the financial sector.

The SECP's initiative, outlined in the letter to Farukh H. Khan, CEO of the Pakistan Stock Exchange, reflects a broader effort to enforce standards that ensure individuals in financial services possess the necessary skills, knowledge, and ethical conduct to effectively serve clients and maintain market integrity. According to information available from the Pakistan Stock Exchange (PSX), this move is part of a continued push to align Pakistan's financial services with international best practices.

Introduced in 2009, the mandatory certification framework has expanded to cover additional roles within the sector. The latest consultation seeks to gather insights and recommendations from TREC (Trading Rights Entitlement Certificate) holders and other stakeholders, with responses requested by July 15, 2024. This feedback will play a critical role in finalizing the framework that aims to enhance transparency, innovation, and progress in the financial industry.