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Standards of a regulator

A recent article in the Pakistan Business Recorder says that the Securities and Exchange Commission of Pakistan (SECP) does not exhibit the standards of a regulator.
Let's not pick on SECP only. Most other regulatory agencies in Pakistan have been in the news for not-so-good reasons.
When it comes to these "standards," words like transparency, accountability, internal governance, independence, and a clear mechanism for dealing with any conflict of interest take centre stage.
It seems that governance of regulatory institutions and problems therein are not limited to Pakistan alone. The OECD recently launched a "Public Consultation on the Governance of Regulators" soliciting comments by 31 August.
Quite a comprehensive document - of course, its the OECD whose policy notes and papers on various aspects of economy and development are generally of stellar quality.
From the foreword of the document, "Efficient and effective regulators, with good regulatory practices, are needed to administer and enforce regulations. The comprehensive regulatory reviews of individual policy areas by governments frequently find that there is scope to enhance governance as part of broader initiatives to improve regulatory outcomes. It is clear that appropriate governance arrangements for regulators support improvements in regulatory practice over time, and strengthen the legitimacy of regulation.
Strengthening the governance of regulators will help to maintain the confidence and trust of those being regulated and the broader community (ANAO 2007). Good regulation helps to make OECD member countries healthier, cleaner, more prosperous and safer, while supporting innovative solutions to the challenges faced, and thereby serves the interests of all citizens."
I hope people making appropriate policy and taking key decisions are listening: set the correct standards and let these agencies do their job.

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