ISLAMABAD-In adherence to internationally recognized standards of regulation and oversight, the Securities and Exchange Commission of Pakistan (SECP) has approved disclosure framework to provide participants and general public with sufficient information for better understanding of FMIs, regulatory, supervisory, and oversight policies of SECP with respect to FMIs and complete regulatory and operational landscape. The disclosure framework has been prepared in accordance with the PFMIs that pertain to standards of governance, risk management and protection of interests of participants. The PFMIs have been jointly developed by IOSCO and CPMI and recognised by the IMF and the World Bank. The NCCPL and the CDC are important FMIs facilitating clearing, settling, recording of securities, derivatives and other financial transactions. Both the institutions are regulated by SECP and play a critical role in fostering financial stability.  Earlier, with the assistance of World Bank, self-assessment of SECP being regulatory authority, and NCCPL and CDC being FMIs, were conducted and found broad compliance with PFMIs. Based on these self-assessments, disclosure documents have been developed for NCCPL and CDC.