Financial Regulatory Authority
According to FRA’s statement, Mohamed Farid Saleh has been appointed as the Chairman of the Egyptian Stock Exchange since August 2017, according to Prime Minister Decision No. 1759/2017.
The total amount of securitized bonds, which have been issued since the beginning of 2022 and after the approval of the NUCA's request, will reach LE 30 billion and it will be the biggest issuance of its kind in the Egyptian capital market.
Hisham Ramadan urged during his speech the non-banking financial sector to prioritize integrating the Women’s Empowerment Principles (WEPs) into their strategies, and to check the new global trends that highlight the importance of compatibility with sustainability and compliance standards related to Environmental, Social and Governance (ESG) disclosures.
Speaking at a press conference, FRA Chairman Mohamed Farid said the strategy is based on six main axes related to the non-banking financial sector.
The fair value report for the purpose of increasing the capital does not comply with the financial evaluation criteria for facilities.
The first article of the decision, which was published in the Egyptian Gazette in its issue No. 81 of 2022, on Wednesday, stipulates that a new article No. 9 shall be added to the rules and procedures for dealing on securities not listed in the Egyptian Stock Exchange.
On January 12, the EGX’s Securities Listing Committee agreed to list the shares of Macro Group for Pharmaceuticals (Macro Capital) on the main market.
Omran clarified that there are consultations that the insurance policy for Egyptians working abroad will become compulsory in the new law.
The legislative proposal comes with the aim of deterring people who issue and publish misleading recommendations and advice to manipulate small investors.
The two decisions include an amendment to the rules for listing and delisting securities on the Egyptian Stock Exchange after the approval of the authority’s board of directors at its meeting, and its briefing on the best international practices for this type of company and its study in the United States of America, Britain, Singapore, Sweden, and Malaysia and Hong Kong.
The current payable fee on trading operations is 10 percent.
The program provides insurance against accidents that might involve Egyptians working abroad, said acting chairman of the FRA Mohamed Omran during a conference on expat remittances that kicked off here earlier Sunday.
The new controls will allow natural or legal persons to invest in government securities and financial instruments through the depository and settlement members of the newly created company, according to a statement from the Financial Supervisory Authority Monday.
The amount offered by ABC for the acquisition is estimated at LE 6.7 billion ($427 million).
A well-placed source at FRA said the approval came in line with the capital market law no 95 of 1992 and its executive statute.
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 clarified that the new center will focus on strengthening the Egyptian economy’s existence on the global green economy map as the Middle East and Africa (MEA) region’s first sustainable finance center.
Omran clarified that this will take place by allowing factoring companies to provide the service of deduction of the future financial rights of stock brokerage companies arising from engaging in the activity of buying securities on margin.
