ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Policy Board has approved a wide ranging code of conduct for its employees and put it into effect immediately.
This Code of Conduct is a statement of the values and principles that will guide SECP employees in performing their responsibilities, says a statement here Tuesday.
This code of conduct is to ensure that all SECP employees have to remain committed to the highest standards of honesty and integrity. This code is aimed to create an environment that is free from any improper influence and apparent or potential conflict of interest.
The code states that all the employees will not use confidential information that they obtained during their employment with the SECP in any business or disclose it to any person or entity. The employees will not participate in making such decisions to serve their own interests.
Also all the former Members, former Commissioners, former Executive Directors, Directors will not communicate with, or appear before the Commission on any application, proceeding, hearing or other SECP matter for up to twelve months after leaving SECP.
Employees shall not trade, or encourage anyone else to trade, a security of an issuer when they have any non-public information related to the issuer that would reasonably be expected to have a significant effect on the market price or value of the security.
Employees will be under obligation to reject any effort by representatives of the executive or legislative branches of the government to affect their independent determination of any matter being considered by the SECP. Employees and the Commissioners shall not solicit any gift or other item of monetary benefit from any person or entity, doing business with, or being regulated by the Commission.
Employees and commissioners shall not participate in any event/function organized by a regulated entity or supplier of the Commission and should not invite a regulated entity or supplier of the Commission in his/her private functions.
Employees will not engage in any political activities or use the name of the SECP to directly or indirectly benefit themselves, their spouses or children. The SECP has intimated to all the employees that any violation of the provisions of this code will invite strict disciplinary action.
