Strengthening Regulatory Agencies Chapter 4: Strengthening Regulatory Agencies The role of regulatory agencies in different areas of the national economy is vital in ensuring the larger interests of the people and preventing powerful special vested interests from taking advantage of missing or defective provisions in the laws or processes in the country. 4.1. Regulatory Agencies in Pakistan and Performance The major regulatory agencies in Pakistan are identified in Chart 4.1 along with the laws which define their role and the regulatory process. Chart 4.1: Major Regulatory Agencies in Pakistan Agency • State Bank of Pakistan(SBP) • Competition Commission of Pakistan(CCP) • Securities and Exchange Commission of Pakistan(SECP) • Oil and Gas Regulatory Authority(OGRA) • National Electric Power Regulatory Authority(NEPRA) • Pakistan Standards and Quality Control Authority(PSQCA) • Pakistan Electronic Media Regulatory Authority(PEMRA) • Drug Regulatory Authority of Pakistan(DRA) • Civil Aviation Authority(CAA) Source: List of Laws in Pakistan Act SBP Act, 1956 Competition Act, 2010 SECP Act, 1997 OGRA Ordinance, 2002 Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 PSQCA Act, 1996 PEMRA(Amendment) Act, 2007 DRA Act, 2012 Carriage by Air Act, 2012 4.2. Pakistan’s International Ranking The World Justice project has ranked 128 countries in terms of their performance in regulatory functions in terms of the following: • Government regulations are effectively enforced. • Administrative proceedings are conducted without unreasonable delay. 35