ISLAMABAD, JULY17: For the purpose of raising professional standards and safeguarding investors in Pakistan’s financial services industry, the Securities and Exchange Commission of Pakistan (SECP) is implementing a thorough obligatory certification program.
A working paper published by the SECP for stakeholders states that as of right now, a number of financial services industry operations, including as those in the insurance, securities, and NBFC sectors, require obligatory certification. These regulations, which lack a consistent methodology, have been imposed via a number of circulars issued under the corresponding statutes.
These requirements will be combined into a single, comprehensive framework that will govern the training and regulation of financial services professionals under the proposed overarching regulatory structure. After fulfilling the requirements, certification will be issued by a single, Commission-authorized certification body or institution.
There will only be an examination and certification institute under the certification body/institute. Self-study certifications will be available via the certifying institute.To provide in-person instruction for a certain certification, it might collaborate with colleges or training centers that have the necessary infrastructure.
According to the SECP, continuing education, or CPE, is the term used to describe the continuing education that professionals take part in to maintain and improve their knowledge, skills, and abilities in their particular industries. Professionals must participate in continuing professional education (CPE) to stay current on industry advancements, trends, and regulations.
It is especially crucial in industries like financial services, where regulations change frequently and advancements happen quickly. Enhancing professional standards and safeguarding investors in Pakistan’s financial services industry necessitates the introduction of a comprehensive required certification framework and CPE requirements. Through their comments and ideas on the suggested framework, stakeholders are invited to contribute to a strong and reliable financial ecosystem by responding to this consultation document.
According to SECP, “we aim to build a financial services industry characterized by integrity, transparency, and professionalism by aligning with international best practices and addressing existing regulatory gaps.”
