Regulatory Alerts2004-01-01
Minister of Foreign Trade Decision No. 283 of 2004 Amending Certain Provisions of the Executive Regulations of the Capital Market Law
The Egyptian Minister of Foreign Trade issued Decision No. 283 of 2004 to amend the executive regulations of the Capital Market Law, mandating that stock exchanges maintain official registers of licensed securities companies and classify membership into five distinct categories including executing members, primary dealers, and custodians. The decision grants stock exchanges the authority to verify ongoing compliance, report violations to the General Authority for the Capital Market, and impose disciplinary measures ranging from warnings to trading suspensions, while allowing a fifteen-day appeal window. Additionally, it establishes comprehensive membership rules for the Cairo and Alexandria Stock Exchanges designed to mitigate operational risks through strict financial, technical, and personnel competency standards, requiring all existing members to regularize their status within six months.