FE Report
The securities regulator Tuesday extended the deadline to November 10 next for submitting financial reports by listed banks for the 3rd quarter of this calendar year, officials said.
Officials of the Securities and Exchange Commission (SEC) said the regulator extended the deadline following a request from the Bangladesh Bank (BB).
The listed banks are usually required to submit their financial reports for the 3rd quarter of every calendar year by October 30 of that year.
There are 30 banks listed with the two stock exchanges in the country.
"The SEC has extended the deadline for listed banks to November 10 considering a request made by the BB," a press release signed by SEC Executive Director Md. Anowarul Islam said.
Five listed banks Tuesday submitted their 3rd quarter financial reports. They are BRAC Bank, ICB Islamic Bank, Islami Bank Bangladesh Ltd, IFIC Bank and UCB.
Meanwhile, the securities regulator has expressed its hope to secure the membership of IOSCO, an international platform of regulators, under 'A' category subject to fulfill some conditions that strengthens the autonomy of regulatory bodies.
The officials of the Securities and Exchange Commission (SEC) said the international platform--International Organisation of Securities Commissions (IOSCO)--is likely to announce their membership under 'A' category in next meeting of the executive committee.
They said the meeting of IOSCO's executive committee is likely to be held in December this year.
Presently, the SEC has a membership of IOSCO under 'B' category and the securities regulator has brought some changes in its ordinance to secure 'A' category.
As per the SEC officials, to obtain 'A' category from the IOSCO, a securities regulator has to fulfill four conditions that ensure its independence in carrying out regulatory functions.
The conditions are: the formation of a separate tribunal to dissolve the cases of capital market, the power of seeking banking information, the authority of employing manpower and announcing own budget and the secrecy of information by the SEC.
"The SEC has already included the amendments regarding four conditions in the SEC ordinance and the cabinet has also approved the amendments. The conditions required for securing 'A' category from IOSCO will be fulfilled after the enactment of laws by the Parliament," a top SEC official told the FE.
On October 09, 2012, the cabinet meeting, chaired by Prime Minister Sheikh Hasina, approved the draft Securities and Exchange (Amendment) Act 2012, with a provision for forming a special tribunal for speedy disposal of cases relating to the stock market.
The draft law has also barred the incumbent SEC chairman and its members as well as those who held the same positions earlier from disseminating any secret information about the stock market.
Any breach of this provision will carry a jail term of maximum five years or a fine of Tk 0,5 million.
He said, after securing the 'A' category by the Bangladeshi securities regulator its relationship with other 'A' category regulators across the globe will be enhanced.
"Normally, 'A' category securities regulators of other countries do not want to talk or exchange views with a 'B' category regulator. That's why our relationship with other regulators will be developed," the SEC official said.
The securities regulator Tuesday extended the deadline to November 10 next for submitting financial reports by listed banks for the 3rd quarter of this calendar year, officials said.
Officials of the Securities and Exchange Commission (SEC) said the regulator extended the deadline following a request from the Bangladesh Bank (BB).
The listed banks are usually required to submit their financial reports for the 3rd quarter of every calendar year by October 30 of that year.
There are 30 banks listed with the two stock exchanges in the country.
"The SEC has extended the deadline for listed banks to November 10 considering a request made by the BB," a press release signed by SEC Executive Director Md. Anowarul Islam said.
Five listed banks Tuesday submitted their 3rd quarter financial reports. They are BRAC Bank, ICB Islamic Bank, Islami Bank Bangladesh Ltd, IFIC Bank and UCB.
Meanwhile, the securities regulator has expressed its hope to secure the membership of IOSCO, an international platform of regulators, under 'A' category subject to fulfill some conditions that strengthens the autonomy of regulatory bodies.
The officials of the Securities and Exchange Commission (SEC) said the international platform--International Organisation of Securities Commissions (IOSCO)--is likely to announce their membership under 'A' category in next meeting of the executive committee.
They said the meeting of IOSCO's executive committee is likely to be held in December this year.
Presently, the SEC has a membership of IOSCO under 'B' category and the securities regulator has brought some changes in its ordinance to secure 'A' category.
As per the SEC officials, to obtain 'A' category from the IOSCO, a securities regulator has to fulfill four conditions that ensure its independence in carrying out regulatory functions.
The conditions are: the formation of a separate tribunal to dissolve the cases of capital market, the power of seeking banking information, the authority of employing manpower and announcing own budget and the secrecy of information by the SEC.
"The SEC has already included the amendments regarding four conditions in the SEC ordinance and the cabinet has also approved the amendments. The conditions required for securing 'A' category from IOSCO will be fulfilled after the enactment of laws by the Parliament," a top SEC official told the FE.
On October 09, 2012, the cabinet meeting, chaired by Prime Minister Sheikh Hasina, approved the draft Securities and Exchange (Amendment) Act 2012, with a provision for forming a special tribunal for speedy disposal of cases relating to the stock market.
The draft law has also barred the incumbent SEC chairman and its members as well as those who held the same positions earlier from disseminating any secret information about the stock market.
Any breach of this provision will carry a jail term of maximum five years or a fine of Tk 0,5 million.
He said, after securing the 'A' category by the Bangladeshi securities regulator its relationship with other 'A' category regulators across the globe will be enhanced.
"Normally, 'A' category securities regulators of other countries do not want to talk or exchange views with a 'B' category regulator. That's why our relationship with other regulators will be developed," the SEC official said.
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