Financial Regulatory Authority
It is an open investment fund, the documents of which are offered through public subscription, according to the announced data.
The amendments included the possibility of temporarily listing the shares of Egyptian and foreign companies on the stock exchange’s lists before registering with the authority, instead of prior registration.
The delegation also discussed a plan to develop the performance of the non-bank financial sector, especially the Egyptian Stock Exchange, to advance it in a manner befitting the new republic.
The issuance of the new license adds a new dimension to the existing financing mechanisms in the local market in terms of his creation of the “Wakala Investment” formula.
The decision stipulated the formation of the authority’s board of directors, which includes Islam Abdel Azim Azzam, as Vice Chairman of the Board of Directors, and Ahmed Abdel Rahman Al Sheikh, as Vice Chairman of the Board of Directors.
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.
