Page 3 - ICAP NewsLetter October 2014

Governance, Transparency and Service to Members & Students www.icap.org.pk The two primary considerations for the introduction major step for the small businesses to get themselves of LLPs in Pakistan are the “Risk Factor Advantage” organized as incorporated entities and documentation associated with such an enterprise and the “Enhanced of economy. Global Competitive Advantage”- an LLP vehicle offered to Pakistani professionals. Further introduction of LLP Mr. Shoaib Ahmad, Executive Director ICAP appreciated would act as a step towards documentation of the the efforts by SECP and affirmed their commitment to economy and will convert an informal, unregistered, assist the SECP in future also. and unregulated sector into a formal and regulated regime. Consultant SECP, Mr. Muhammad Mushraf Khan, appreciated the USAID for their commitment in making Mr. Main Ahmad Ibrahim, Joint Director SECP, highlighted these events possible and on behalf of the Securities the role of the Chairman SECP, Mr. Tahir Mehmood, who and Exchange Commission of Pakistan he thanked Dr. has accelerated the corporate sector reform process and Asif Chishti and Kanwal Bokharey from USAID for their believes that corporates are the engines of economic incessant assistance and contributions. growth and the Pakistani economy, with its potential and untapped strengths, generates and invites global These advocacy and consultative sessions were the interest both for investment opportunities as well as first step in the directions of having a LLP regime in wealth creation. He further added that the Chairman Pakistan. These sessions were aimed to provoke critical SECP has a vision which aligns with the mission of the examination of the concept paper and the Draft Bill by Government to engage the public and stakeholders in all stakeholders. The SECPs reason to consult was to formulating legislation and policy. garner views and preferences, to understand possible unintended consequences of a policy and to get views Ms. Kanwal Bokharey, Senior Economic Growth Advisor on implementation of the law. SECP believes that USAID stated that USAID holds a long-standing increasing the level of transparency and increasing commitment and interest in the economy of Pakistan engagement with interested parties improves the and development of its financial sector. quality of policy making and these sessions were a step in furtherance thereof. Dr. Asif Chishti Deputy Leader USAID Firms for Business Enabling stated that Introduction of LLP will provide an alternative form of business organization, where there is flexibility of a general partnership and on the other hand all the advantages of Limited Liability Company. This will be a 3