SECP-SBP Coordination Committee Convenes After 4-Year Hiatus

The thirtieth (30th) meeting of the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) Coordination Committee was held today at SBP head office in Karachi. Jameel Ahmad, Governor SBP along with senior officials represented the SBP, whereas the SECP team was headed by Chairman Akif Saeed, along with Commissioners and senior officials. SECP-SBP Coordination Committee meetings are high-level meetings between the two regulators, providing a platform for collaborating on matters impacting the overall stability and smooth functioning of the financial sector. These formal meetings supplement the ongoing regular coordination between the two regulators on all matters of mutual interest. The focus of the meeting was to deliberate on new developments in the financial sector, especially digital financial services, data sharing, promoting financial inclusion, climate-related financial disclosures, coordination mechanisms for the bancassurance business, and steps needed for the development of the capital market in Pakistan. These meetings, previously held on a regular basis, have resumed after a hiatus of four years. While thanking Governor SBP for resuming this important initiative, Saeed stressed upon the importance of regular contact between officials of the two institutions at all levels.