ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the draft Valuers Registration and Governance Regulations 2016 to regulate the work of professional valuers, a statement issued by the SECP on Tuesday said.
These regulations provide for the registration mechanism of professional valuers in the form of company on five specialised valuation panels, for which the prescribed eligibility and fit-and-proper criterion has been defined.
Through these regulations a quality assurance board would be set up to supervise and grant rating to registered valuers through review of their valuation services.
High ethical standards have been prescribed for the sponsors, directors and senior management officers of the valuations companies.
Previously this area has been largely unregulated. However the SECP has laid down a detailed roadmap after thorough international research on similar regulatory jurisdictions and conducted deliberation with the main stakeholders including the State Bank of Pakistan, Pakistan Banking Association and professional valuers.
The draft regulations are placed on the SECP’s website.
Courtesy : Dawn News