The legislative proposal comes with the aim of deterring people who issue and publish misleading recommendations and advice to manipulate small investors.
The FRA also approved the inclusion of 4 new financing tools in the capital market, including Social Bonds, Sustainable Development Bonds, Environmental Social and Governance Bonds, Gender equality and women's empowerment bonds.
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 Financial Regulatory Authority (FRA) held a meeting to discuss ways to enhance the trading environment and controlling transactions in the Egyptian Stock Exchange.
The current payable fee on trading operations is 10 percent.
E-Finance has asked the FRA to increase the total sale of shares due to increased demand.
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).
In a statement on Wednesday, the authority said the proceeds of the green bonds will be used in funding environmental projects, including clean energy ventures.
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.
FRA noted that despite the growth in the value of the portfolio, the number of beneficiaries decreased to 3.19 million beneficiaries at the end of the first quarter of 2021, compared to 3.2 million beneficiaries at the end of the first quarter of 2020, with a decrease of 0.36 percent.
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.
The CRR provides in-depth analysis of Egypt’s response to the pandemic in an easy-to-navigate and accessible format, focusing on key data and infographics relating to its socio-economic landscape.
This came during its virtual participation in the activities of the Fourth African Conference, which was held under the auspices of the PSI (Principals of Sustainable Insurance) initiative of the United Nations Environment Program (UNEP) at the end of last month.
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.
The fund also aims at the entry of new investors, in addition to increasing the solvency and financial capacity of current investors.
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.