Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Decision No. (117) for 2021
The Financial Regulatory Authority issued Board Decision No. 117 of 2021 to establish comprehensive rules for forming, nominating, and electing the eleven-member board of directors of Egypt's Central Securities Depository and Clearing Company. The decision mandates a three-year term, cumulative voting, at least two independent members, and female representation of no less than 25%, while reinstating prior nomination criteria and introducing a formal appeals process. It explicitly repeals previous decisions, aligns female representation with existing corporate governance standards, and stipulates that the decision takes effect upon publication in the Egyptian Gazette.
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