Regulatory Alerts2019-01-01
Decision No. (129) of 2019 of the Financial Regulatory Authority Board of Directors
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. (129) of 2019 to extend the compliance deadline for listed companies that have not yet executed their stock offerings. The FRA mandates that these companies submit a detailed implementation timeline to the Egyptian Exchange by November 30, 2019, and grants them an extension until March 31, 2020, to complete the offering procedures. This amendment modifies previous listing and delisting rules to provide additional time for market participants to finalize their public offerings while ensuring regulatory oversight.
The Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (129) of 2019 dated 2019/9/29 of the Board of Directors of the Financial Regulatory Authority
Regarding the Extension of the Deadline Granted to Companies Listed on the Exchange Whose Securities are Listed but Have Not Executed the Offering
Board of Directors of the Financial Regulatory Authority
After reviewing the Law on Joint Stock Companies, Companies Limited by Shares, Limited Liability Companies, and Single-Person Companies issued by Law No. (159) of 1981 and its Executive Regulations; And the Capital Market Law issued by Law No. (95) of 1992 and the decisions issued in implementation thereof; And Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; And Presidential Decree No. (191) of 2009 regarding the provisions governing the management and financial affairs of the Egyptian Exchange; And the Bylaws of the Financial Regulatory Authority issued by Presidential Decree No. (192) of 2009; And Board Decision No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange; And Board Decision No. (32) of 2019 dated 2019/2/24 amending Board Decision No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange; And the approval of the Board of Directors in its session held on 2019/9/29,
Has Decided
(Article One)
The deadline granted to companies listed on the Egyptian Exchange whose securities are listed but have not completed the implementation procedures for the offering, in accordance with the third paragraph of Article (1) of the rules for listing and delisting securities on the Exchange, is extended for six months, ending on March 31, 2020. Those companies are obligated to submit to the Egyptian Exchange, no later than November 30, 2019, a timeline detailing the measures they will take to execute the offering, subject to the approval of the Exchange's management.
(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
Dr. Mohamed Omran
Arab Republic of Egypt
Financial Regulatory Authority
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