Omran clarified that there are consultations that the insurance policy for Egyptians working abroad will become compulsory in the new law.
By assuming this new position, Egypt becomes Vice Chairman of the IOSCO for the first time in the history of the Egyptian capital market since its inception, which is more than 130 years old, according to a statement issued, Monday.
It amends the articles of association of the Investor Protection Fund from Non-Commercial Risks to expand the insurance umbrella covered by the Fund to include the risks resulting from the activities of companies whose papers are registered or financial instruments in the Egyptian Stock Exchange.
This is aimed at maximizing the efficiency of the capital market and achieving transparency in the mechanisms of dealing with activities specialized in securities, following the approval of the Authority’s Board of Directors in its remote meeting.
Omran stated that the decision includes that direct trading on the stock exchange be limited to buying and selling without allowing the use of margin buying mechanisms or borrowing securities for the purpose of selling, according to a statement issued, Sunday.
These activities include money market activities, the stock exchange, real estate finance, micro, medium and micro finance, consumer finance, insurance and financial leasing and factoring, Omran clarified.
Some 3.1 million persons have benefited from the funds, said FRA chairman Mohamed Omran in a press conference Tuesday.
The contracts recorded LE 58.6 billion during 2020, compared to LE 55.9 billion during 2019, marking an increase of 4.8 percent.
The indicator of the cumulative development of the volume of total transactions (disbursement and payment of financing) through non-cash payment methods from the beginning of the application in December 2018 until the end of September 2020 reached a total value of LE 2.5 billion.
CAIRO – 13 December 2020: Volume of securitization bond issuance in Egypt amounted to about LE 15.7 billion by the end of November 2020, according to Head of the Egyptian Financial Supervision Authority Mohamed Omran.
The working group includes representatives from each of the Central Bank, the Egyptian Stock Exchange, the Egypt Central Clearing, Depository and Registry Company, the Federation of Egyptian Banks, the Egyptian Insurance Union, a representative of investment banks and the European Bank for Reconstruction and Development (EBRD).
Nano finance is thus one way of supporting certain segments of society, such as women and youth, to become a productive social power, Omran said in a statement Sunday.
Omran said that this precautionary measure is taken in line with the state measures to curb the spread of coronavirus.
Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.
Omran said the value of securities issued at primary market stood at over LE 220 billion.
He expressed satisfaction over the development in non-banking activities, noting the noticeable rise in the value of issued securities to exceed LE 1 trillion.
Rameda said that trading will be made in two tranches and will be priced at LE 4.66 per share.
Omran added that the authority offers a 50-percent discount on examining and studying green bond issuance to encourage organizations and investors to invest in it.
Omran clarified during a conference to announce the issuance of the first short-term securitization for payment of Premium Card that the biggest challenge is offering green bonds.
Omran added Wednesday that, as a part of this program, FRA agreed to issue two short-term securitization bonds for Premium International for credit services.