Regulatory Alerts2021-01-01
Financial Regulatory Authority Board of Directors Resolution No. (85) of 2021
The Financial Regulatory Authority (FRA) Board of Directors issued Resolution No. 85 of 2021 to extend the offering execution deadline for companies listed on the Egyptian Exchange by six months, establishing a final cutoff of December 31, 2021. The resolution mandates that these listed companies submit a detailed implementation timeline to the Egyptian Exchange by September 30, 2021, and secure management approval for their proposed offering execution measures. Approved on June 6, 2021, the directive was formally published in the Egyptian Gazette and on the official websites of both entities to ensure immediate regulatory compliance.
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Resolution of the Authority's Board of Directors No. (85) for the year 2021 dated 6/6/2021
Regarding the extension of the deadline granted to companies listed on the Egyptian Exchange that have not yet executed the offering
The Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Resolution No. (11) of 2014 issued by the Authority's Board regarding the rules for listing and delisting securities on the Egyptian Exchange; and Resolution No. (121) of 2017 regarding the conditions and requirements for registration with the Authority; and Resolutions Nos. (129) of 2019 and (59, 210) of 2020 issued by the Authority's Board regarding the extension of the deadline granted to companies listed on the Egyptian Exchange that have not executed the offering; and following the approval of the Authority's Board at its meeting held on 6/6/2021;
Resolved: (Article One)
The deadline granted to companies listed on the Egyptian Exchange that have not completed the offering execution procedures, in accordance with the third paragraph of Article (1 bis) of the rules for listing and delisting securities on the Egyptian Exchange, is extended by six months ending on 31/12/2021. Those companies are committed to submitting to the Egyptian Exchange, by no later than 30/9/2021, a timeline detailing the measures they will take to execute the offering and obtaining approval from the Exchange's management.
(Article Two)
This Resolution shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran
[Seal of the Financial Regulatory Authority]
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