Board of Directors' Secretariat

Capital Market Authority Board Decision No. (17) of 2017

Dated 8/2/2017

Concerning Trading, Proof of Ownership Transfer, and Disclosure

for Securities Not Listed on the Egyptian Exchange Tables

The Board of Directors of the Financial Regulatory Authority

After reviewing the Law on Joint Stock Companies, Partnerships Limited by Shares, and Limited Liability Companies issued by Law No. (59) of 1981 and its executive regulations; and the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations and decisions issued in implementation thereof; and the Central Deposit and Registration of Securities Law issued by Law No. 93 of 2000 and its executive regulations; and Law No. (10) of 2009 concerning the regulation of supervision over non-banking financial markets and instruments; and Presidential Decree No. (191) of 2009 concerning the rules organizing the management and financial affairs of the Egyptian Exchange; and the Statute of the Financial Regulatory Authority issued by Presidential Decree No. (192) of 2009; and Decision No. (620) of 2001 of the Minister of Economy and Foreign Trade; and Decision No. (11) of 1994 of the Board of Directors of the General Authority for the Capital Market concerning the rules of disclosure at the Exchange regarding trading operations of unlisted securities; and Decision No. (32) of 2007 of the Board of Directors of the General Authority for the Capital Market, amended by Decision No. (12) of 2003 of the Board of Directors of the General Authority for the Capital Market; and Decision No. (37) of 2006 of the Board of Directors of the General Authority for the Capital Market; and Decision No. (126) of 2006 of the Chairman of the General Authority for the Capital Market; and Decision No. (54) of 2009 of the Board of Directors of the General Authority for the Capital Market, amended by Decision No. (8) of 2012; and Decision No. (69) of 2010 of the Board of Directors of the Financial Regulatory Authority; and Decision No. (11) of 2014 of the Board of Directors of the Authority concerning the rules for listing and delisting securities on the Egyptian Exchange and its amendments; and the approval of the Board of Directors of the Authority dated 8/2/2017.

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(Article One)

The provisions of the attached Rules concerning trading, proof of ownership transfer, and disclosure for securities not listed on the Egyptian Exchange tables shall apply.

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(Article Two)

The Exchange shall prepare and equip the automated systems and technical requirements necessary for trading securities not listed on the Egyptian Exchange tables.

(Article Three)

The Exchange shall notify the Authority of any violations of trading or ownership transfer operations for unlisted securities within two working days from the date of discovering the violation, whether the violation is committed by securities brokerage companies or by traders of these securities.

(Article Four)

The following Authority decisions are repealed:

1. Decision No. (11) of 1994 of the Board of Directors of the General Authority for the Capital Market concerning the rules of disclosure at the Exchange regarding trading operations of unlisted securities.
2. Decision No. (32) of 2007 of the Board of Directors of the General Authority for the Capital Market, amended by Decision No. (12) of 2003 of the Board of Directors of the General Authority for the Capital Market.
3. Decision No. (37) of 2006 of the Board of Directors of the General Authority for the Capital Market.
4. Decision No. (126) of 2006 of the Chairman of the General Authority for the Capital Market.
5. Decision No. (54) of 2009 of the Board of Directors of the General Authority for the Capital Market, amended by Decision No. (8) of 2012.
6. Decision No. (69) of 2010 of the Board of Directors of the Financial Regulatory Authority.

Any provision conflicting with the provisions of this Decision is also repealed.

(Article Five)

The Board of Directors of the Egyptian Exchange shall issue the executive procedures, forms, and documents related to trading, proof of ownership transfer, and disclosure for securities not listed on the Egyptian Exchange tables. These procedures shall only take effect after approval by the Chairman of the Authority.

(Article Six)

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 day following its publication in the Egyptian Gazette.

Chairman of the Board Sherif Samy

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Rules for Trading, Proof of Ownership Transfer, and Disclosure

for Securities Not Listed on the Egyptian Exchange Tables

Preamble:

Since the trading of securities not listed on the Exchange is not subject to corporate governance rules, the obligation to submit periodic or annual financial statements, disclosure of material events, or other disclosures applicable to listed securities according to the listing and delisting rules of the Exchange, the mechanisms and procedures stipulated in these Rules are intended to regulate and simplify trading, proof of ownership transfer, and disclosure for unlisted securities using the Exchange's automated system technologies.

Furthermore, the controls specific to trading unlisted securities do not apply to unlisted securities, nor is a closing or opening price calculated for any security, nor are trading price limits set, nor are price indices calculated for them. Therefore, the protection afforded to traders in listed securities is not suitable for unlisted securities. Accordingly, unlisted securities for unlisted securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded based on the protection afforded to traders in listed securities, accordingly, unlisted securities are traded