The Securities and Exchange Commission of Pakistan (SECP) has proposed a professional qualification framework for official liquidators, interim administrators and insolvency experts to improve the process of company dissolution and the recovery of financially distressed businesses.
Under the proposed framework, professional certification would be required for inclusion in panels of official liquidators and insolvency experts. The relevant professionals would have to obtain certification from the Institute of Financial Markets of Pakistan (IFMP).
The proposed three stage certification program would include written and oral examinations. The SECP has also proposed mandatory annual professional training for relevant experts.
The framework also includes a proposed code of conduct for official liquidators and interim administrators. According to the SECP, the measures are aimed at improving transparency and protecting the interests of creditors.
The SECP has invited comments from the public and relevant stakeholders on the proposed framework. The consultation document is available on the SECP website.
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