Page 71 - CMA Journal (Jan-Feb 2026)

REGULATORY Other Features
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By: ICMA Research and Publica ons Department

SBP Keeps Policy Rate at 10.5% as standards, and oversee blockchain adoption. Unlicensed
By ICMA Research and Publica ons Department
Middle East Conflict Hits Economy crypto activities may face up to 5 years’ imprisonment or
fines up to Rs. 50 million. A Virtual Assets Appellate Tribunal
The Monetary Policy Committee (MPC) decided to keep the will resolve disputes. The framework aims to boost investor
policy rate unchanged at 10.5% in its meeting held on March confidence and foster regulated digital finance growth.
9, 2026, citing the impact of the Middle East conflict on fuel,
freight, and insurance costs. MPC noted that Inflation rose to SBP Launches Cyber Shield for
7% in Feb-26, while FX reserves reached $16.3 billion, LSM Banking Security
grew 4.8% in Jul-Dec FY26. The MPC highlighted that
The State Bank of Pakistan launched “Cyber Shield- the
Pakistan’s strong fiscal and monetary buffers provide
Cyber Resilience Strategy for Regulated Entities” to protect
resilience, but stressed the importance of fast-tracking
structural reforms to maintain price stability and support banks, financial institutions, and customers from growing
cyber threats. The strategy sets a roadmap for preventing
sustainable economic growth.
incidents, responding quickly, and recovering effectively. It
SBP Allows Oil Imports on focuses on five priorities: incident resilience, governance,
sector-wide cooperation, skilled cyber talent, and
CIF Basis for 60 Days
continuous security updates. SBP will monitor emerging
The State Bank of Pakistan has approved crude oil and threats to safeguard financial stability, support secure digital
petroleum product imports on a CIF basis for 60 days innovation, and ensure safe access to banking services.
starting March 11, 2026. Suppliers will cover freight and
war-risk insurance costs. The measure aims to secure fuel SECP Registers 3,881 New Companies in
supply amid volatile Middle East conditions and rising January 2026
shipping and insurance prices, ensuring uninterrupted
The Securities and Exchange Commission of Pakistan
energy availability and stabilizing domestic fuel markets.
registered 3,881 new companies in January 2026, including
Senate Approves Legal Framework 82 attracting foreign investment from 15 countries. Punjab
led with 1,998 registrations. IT and e-commerce dominated
for Crypto
sectors. Almost all registrations were online, with total
The Senate passed the Virtual Assets Bill, 2025, formally paid-up capital of Rs. 8.4 billion. Total registered companies
backing the Pakistan Virtual Assets Regulatory Authority in Pakistan now stand at 283,540, reflecting a growing
(PVARA). The authority will license and regulate virtual asset entrepreneurial ecosystem and continued local and foreign
service providers, enforce AML and counterterrorism investor interest.

Farid Ahmad Tarar Dr. Kabir Ahmed Sidhu
Appointed CCP Chairman Appointed SECP Chairman

Mr. Farid Ahmad Tarar has been appointed Chairman Dr. Kabir Ahmed Sidhu has been appointed
of Competition Commission of Pakistan (CCP). He Chairman of the Securities and Exchange Commission
brings 30+ years of experience in public financial of Pakistan (SECP). He will focus on strengthening
management, regulatory reform, and economic capital markets, enhancing the ease of doing business,
governance, having worked with the EU, FCDO, and and promoting financial inclusion. His priorities
UNICEF, and served as Pakistan’s Commercial include broadening the investor base, introducing
Counsellor in Rome. He has also held key posts diversified financial products such as REITs, green
including Punjab Finance Secretary and AJK Finance bonds, and derivatives, reviving NBFCs and the
Secretary. Mr. Tarar holds a Master’s in Accounting and insurance sector, and accelerating SECP’s digital
Finance from Manchester Business School and an MBA transformation to improve regulatory efficiency,
in Finance. market depth, and investor confidence.

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ICMA’s Chartered Management Accountant, Jan-Feb 2026