Pakistan and the United States (US) had discussed the establishment of a dedicated Alternative Dispute Resolution (ADR) Centre in Pakistan for financial disputes, drawing on international best practices, an official release said on Thursday.
The development came as a delegation of the Commercial Law Development Program (CLDP) of the United States Department of Commerce visited the Securities and Exchange Commission of Pakistan (SECP) in Islamabad.
The CLDP works with emerging economies to strengthen policy, legal, and regulatory frameworks that support trade, investment, and commercial activity through targeted technical assistance and institutional capacity-building.
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“Both sides discussed the establishment of a dedicated Alternative Dispute Resolution Centre in Pakistan, drawing on international best practices. These included the Financial Industry Disputes Resolution Centre (FIDReC) model of Singapore, an independent and impartial institution that resolves consumer financial disputes through structured mediation and adjudication mechanisms,” the SECP said.
“The delegation discussed cooperation on developing an effective system for the early and out-of-court resolution of corporate disputes to improve the business environment and enhance investor confidence.”
SECP officials briefed the delegation on the commission’s mandate, regulatory framework, and supervisory role across Pakistan’s financial sector.
Muzzafar Ahmed Mirza, Commissioner (Law), SECP, briefed the delegation on SECP’s ongoing and earlier initiatives to promote alternative dispute resolution.
He highlighted existing mechanisms, including the Small Dispute Resolution Committee in the insurance sector.
“Mirza also outlined SECP’s vision for expanding ADR frameworks to ensure timely, cost-effective, and efficient dispute resolution in the corporate and financial sectors.”
Meanwhile, SECP chairman Dr Kabir Ahmed emphasised that effective ADR mechanisms could significantly reduce the burden on courts by resolving disputes efficiently, lowering costs for businesses, and improving ease of doing business.
He expressed SECP’s willingness to work closely with CLDP to advance ADR reforms in Pakistan.
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The CLDP delegation was led by Mr Zmarak Khan, Deputy Chief Counsel, and included Ms Alexa Black, International Program Specialist; Ms Aleena Nasir, Attorney Advisor (International); Ms Emily Rife, Expert and Senior Partner, CLDP; and Mr Dave Moora, Senior Partner, Impact Associates.
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