Regulatory Alerts2020-01-01
Decision of the Board of Directors of the Authority No. (59) of 2020
The Financial Regulatory Authority extends the deadline for Egyptian Exchange-listed companies that have not executed their securities offerings by seven months, establishing a final compliance date of December 31, 2020. These companies are required to submit a detailed implementation timeline to the Exchange by May 30, 2020, subject to management approval. Issued under the Capital Market Law and related regulatory frameworks, this decision supersedes prior extensions and takes effect immediately upon official publication.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (59) of 2020 dated 2020/3/22
Regarding the Extension of the Deadline Granted to Companies Listed on the Egyptian Exchange That Have Not 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 on regulating supervision over non-banking financial markets and instruments; and Presidential Decree No. (191) of 2009 on the regulations governing the management and financial affairs of the Egyptian Exchange; and Presidential Decree No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority; and Board Decision No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange; and Board Decision No. (129) of 2019 regarding the extension of the deadline granted to companies listed on the Egyptian Exchange that have not executed the offering; and the approval of the Board of Directors in its meeting held on 2020/3/22;
Has Decided
(Article One)
The deadline granted to companies listed on the Egyptian Exchange that have not carried out the offering procedures, in accordance with the third paragraph of Article (1) of the Rules for Listing and Delisting Securities on the Egyptian Exchange, is hereby extended for a period of seven months ending on 2020/12/31. Those companies are required to submit to the Egyptian Exchange, no later than 2020/5/30, a timeline detailing the measures to be taken to execute the offering, subject to the Exchange's management approval.
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect from the date of its issuance.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran
Smart Village, Building 137, Giza, Egypt Postal Code: 110 Telephone: +202 3534530 Fax: +202 3570016 WWW.FRA.GOV.EG
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