ISLAMABAD, September 6: The Securities and Exchange Commission of Pakistan (SECP) has deferred notification of Whistleblowing Regulations, 2017. The SECP had previously placed the said regulations, in draft form, on its website for seeking public comments.
The deferment decision was taken in view of the Public Interest Disclosure Bill, 2017, passed by the National Assembly on August 17, 2017. The said Bill is aimed at protecting individuals, i.e. whistleblowers, who make certain disclosures of information in the public interest.
Among others, the Bill covers offenses by companies and their directors. Therefore, the essence of the Bill is similar to that of the Whistleblowing Regulations proposed by the SECP. However, as the Bill is yet to be placed before the Senate for approval and its modus operandi is to be determined.
The Commission is, therefore, of the view that notification of the regulations may be deferred until the finalization of the Bill.