At the first meeting of CCP, Consultative Group, in Karachi, on Monday, the Chairman CCP, Khalid A. Mirza, dwelt at length about the raison d'etre for establishing the commission and the challenges it is faced with, is not only in acceptance of its limited but also overarching role by other regulators as well as powerful corporate entities. He said CCP is an umbrella organisation with a laser like focus on deceptive market practices. Further, he said: "CCP is not a regulator, in a narrow sense, but a quasi-judicial enforcing agency of the law it is created under. The law is based on the Treaty of Rome Article 81 and 82 to promote competition and provide advocacy for good behaviour."
In Pakistan, the privatisation of government owned entities - which were a monopoly in some cases - could lead to private oligopolies. He said a number of organisations are regulated by the sectoral regulators. And, CCP has only a residual - supportive role with a holistic approach from where sectoral regulators can draw strength.
The consultative group advised CCP to create an institutional mechanism whereby other regulators can 'buy-in' into the concept. And, towards this end, CCP needs to meet the individual regulator to ascertain the overlapping roles and also educate the operational staff of these regulators about the CCP law and its functions.
Chairman Khalid Mirza briefed the meeting about his recent interactions with Pakistan Business Council, Overseas Chamber of Commerce and Industry, Institute of Chartered Accountants, Chartered Financial Analysts and Corporate Lawyers.
The meeting was attended by a number of regulators such as: SECP, OGRA; NEPRA and CAA. The SBP was conspicuous by its absence. The Chairman pointed out on a query that SBP is desirous of a bilateral arrangement with CCP and has not fully comprehended the function of the consultative council. It was suggested that the consultative group needs to meet more often instead of scheduled quarterly meetings.