The SEC is a member of IOSCO and has maintained a steady relationship with the Emerging Markets Committee of IOSCO. The SEC also responded to a number of consultations conducted by IOSCO General Secretariat and continues a cordial relationship by updating the required details and data for administrative and other purposes. Being a signatory of the IOSCO Memorandum of Understanding (MMOU) the SEC has obtained the fullest support from the foreign jurisdictions in obtaining information and documents in relation to ongoing investigations of the SEC.
IOSCO was established in 1983 assembling more than 180 members from more than 100 states. The IOSCO-headquarters are located in Madrid. This global body deals as a forum of world-wide exchange of experience of securities regulatory authorities and aims at developing globally accepted standards for the organization of capital markets with special emphasis on strengthening investor protection and the functioning of the international financial system. In order to achieve this goal the supervisory framework has to be adjusted permanently to the changing conditions of the national and the international securities- and derivatives markets.
In June 2010 the “IOSCO Objectives and Principles for Securities Regulation” of 2003 were updated. The implementation of these principles is evaluated systematically by the Member States.
On the initiative of SAFE, in its fifth AGM held in May 2005 in Islamabad, South Asian Securities Regulators’ Forum was established. Prime objective for the establishment of the said forum was to attain support of the regional securities regulators for the developmental projects of SAFE, particularly, for the projects like encouraging cross border listing and trading in the region.
In May 2005, the Prime Minister of Pakistan chaired the signing ceremony of a Memorandum of Understanding (MoU) between the securities regulatory bodies of Bangladesh, Bhutan, Mauritius, Nepal and Pakistan. The MoU established a voluntary and cooperative body, the SASRF, for increasing mutual cooperation and exchange of information among the member countries.
The first meeting of the SASRF was subsequently held in Islamabad at that time. During the meeting, Dr. Tariq Hassan, Chairman of the Commission and Mr. Deepak Raj Kaflé, Chairman of the Securities Board Nepal were elected as the chair and vice-chair of the SASRF, respectively.
India and Maldives became signatories to the SASRF MOU in December 2005 while SEC Sri Lanka joined the forum in 2006.