SECP holds workshop on LLP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has held a thematic workshop to demonstrate the prototype of re-designed digital regulatory processes for limited liability partnership (LLP), company registration and filing, and compliance, a statement said on Friday.

Under its digitalisation program, "Leading Efficiency through Automation Prowess (LEAP)," the SECP said it identified key business processes that needed to be reviewed, documented, re-engineered, and automated.

The second thematic workshop was organised in collaboration with technology implementation partner Techlogix Pakistan and project consultants Ernst & Young (EY).

In the interactive and consultative workshop, the second in the series, participants from the corporate sector and other regulated entities shared their feedback on prototype of redesigned automated procedures.

Uzma Khan, the LEAP program manager from the SECP, discussed the impact of digital developments and integration of systems on the customer experience. She discussed the "SECP Digital Transformation Program (LEAP) initiatives like digital and IT strategies, business process re-engineering, automation of re-engineered business processes (company registration and internal workflows), XBRL and Security Operations Centre (SOC).

She emphasised the importance of digital-first approaches to improve, digitise, and automate external interactions and internal processes.

Experts from EYFR Pakistan explained the significant pain points identified as a result of LLP registration, filing and compliance business process re-engineering. He proposed a redesigned payment mechanism to reduce high error rate and provide multiple modes of payments to end users. Techlogix Pakistan representative explained the prototype and included user registration, process filing method, availability of company/user profile, documents access, payment options, and acknowledgement of decision.

The workshop was attended by a large number of stakeholders from the business/legal community, information technology experts, and SECP officials.