ISLAMABAD, May 14: The Securities and Exchange Commission of Pakistan (SECP) and Capital Market Authority (CMA), Sultanate of Oman, signed a memorandum of understanding to boost regulatory cooperation and information sharing.

The MoU has been inked in the backdrop of evolving globally integrated financial markets necessitating for regulatory agencies to develop cooperative linkages for enforcement of securities laws and facilitate detection and combat cross-border violations.

SECP Chairman Muhammad Ali and CMA Executive President Abdullah bin Salim Al-Salmi signed the MoU in Beijing China at the sidelines of IOSCO Annual Meeting.

The MoU reiterated the commitment of the two regulators to work together in ensuring that securities and commodities markets in their respective countries are fair, transparent, efficient and regulated to world class standards.

According to the SECP, the memorandum is a significant milestone in the development of the capital markets of the two countries. Each regulator will be able to rely on the MoU to ensure compliance with applicable legislation and to collaborate in regulating inter-jurisdictional dealings.