Section 42D: Cooperation and assistance to foreign regulatory authorities

42D. Cooperation and assistance to foreign regulatory authorities.—(1) Notwithstanding anything contained in any other law for the time being inforce, the Commission may, on reciprocal basis, cooperate with and provide assistance under this Act or any administered legislation to a foreign regulatory authority or any other international organizations with whom the Commission has entered into any arrangement or agreement or understanding for assisting in any inquiry or investigation. for contravening the laws relating to financial services of the requesting authority. (2) An assistance referred to in sub-section (1) shall include the disclosure of any information or document filed with or provided to the Commission under this Act or an administered legislation, or any information or document obtained by the Commission from any person on the request of the requesting authority. (3) For the purposes of this section the Commission may, notwithstanding anything contained in any other law for the time being inforce including Banking Companies Ordinance, 1962 (LXII of 1962), obtain any information or document from any person on the request of the requesting authority. (4) Such cooperation and assistance may be provided without regard to the fact that such contravention does not constitute offence under this Act or any administered legislation. (5) The Commission may request the foreign regulatory body or authority or entity to seek such mutual legal assistance for carrying out inspection, inquiry investigation under this Act or any administered legislation. (6) Notwithstanding anything contained in Qanun­e­Shahadat Order, 1984 (P.O. 10 of 1984) all evidence, documents or any material transferred to Pakistan by foreign entity under this section shall be considered as evidence in legal proceedings under this Act or any other law for the time being in force. (7) Any assistance provided under this section to any foreign regulatory authorities or international organizations may be refused by the Commission on the grounds of national security and public interest.

Effective date: 1997-01-01

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