Regulatory Alerts2022-01-01
Decision of the Board of Directors No. 157 for 2022 on Election Dates for Representatives of Companies Listed on Egyptian Exchanges to the Investor Protection Fund Board (2021–2024)
The Financial Regulatory Authority of Egypt issued Decision No. 157 for 2022 to establish the precise schedule for electing representatives of listed companies to the Investor Protection Fund’s Board of Directors for the 2021–2024 term. The decision mandates a structured timeline spanning from late November 2022 to early February 2023, covering nomination acceptance, application review, candidate list publication, appeal processing, and final election results. It further stipulates that if no appeals are filed by candidates, the statutory appeal periods will be automatically deducted from the scheduled election dates.
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Authority No. (157) for 2022 dated 2022/11/16 Regarding the dates for conducting the election of representatives of companies with securities or financial instruments listed on Egyptian exchanges for the electoral term of the Board of Directors of the Investor Protection Fund (2021–2024)
Board of Directors of the Financial Regulatory Authority Having reviewed the Capital Market Law issued by Law No. (95) of 1992; and the Central Depository and Registration of Securities and Financial Instruments Law issued by Law No. (93) of 2000; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Prime Minister's Decision No. (2339) of 2019 reorganizing the Non-Commercial Risk Insurance Fund for activities of companies with securities or financial instruments listed on Egyptian exchanges or operating in the field of securities and financial instruments; and Prime Minister's Decisions No. (3173) of 2021 and (3495) of 2022 regarding the formation of the Fund's Board of Directors; and the Authority's Board Decision No. (32) of 2021 issuing the bylaws of the Investor Protection Fund for Non-Commercial Risks; and the Authority's Board Decision No. (41) of 2021 regarding the rules and procedures for electing representatives of companies operating in the field of securities and companies with securities or financial instruments listed on Egyptian exchanges to the Board of Directors of the Investor Protection Fund for Non-Commercial Risks; and following the approval of the Authority's Board at its meeting held on 2022/11/16;
DECIDED
(Article One) The election of representatives of companies with securities or financial instruments listed on Egyptian exchanges shall be conducted, to complete the formation of the Board of Directors of the Investor Protection Fund for Non-Commercial Risks for its electoral term (2021–2024), according to the following table:
| No. | Procedure | Date of Procedure |
|---|---|---|
| 1 | Announcement of the start of nomination applications acceptance | Sunday, 2022/11/27 |
| 2 | Receipt of nomination applications | Sunday, 2022/12/4 until Saturday, 2022/12/10 |
| 3 | Examination of nomination applications | Sunday, 2022/12/11 until Thursday, 2022/12/15 |
Smart Village, Building 136, Giza, Egypt Postal Code: 110 Tel: +202 35345350 Fax: +202 35370036 WWW.FRA.GOV.EG
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
| 4 | Notification of applicants of the examination results, preparation and publication of the preliminary list of candidates | Sunday and Monday, 2022/12/18–19 |
|---|---|---|
| 5 | Appeal against the announcement of the preliminary list of candidates | Tuesday, 2022/12/20 until Monday, 2022/12/26 |
| 6 | Ruling on the appeal | Tuesday, 2022/12/27 until Monday, 2023/1/9 |
| 7 | Notification of the appellant of the decision, preparation and publication of the final list of candidates | Tuesday and Wednesday, 2023/1/10–11 |
| 8 | Determination of the venue and conducting of elections | Tuesday, 2023/1/17 |
| 9 | Appeal against the election results or procedures | Wednesday and Thursday, 2023/1/18–19 |
| 10 | Ruling on the appeal | Sunday, 2023/2/5 |
| 11 | Announcement of the final election results | Monday, 2023/2/6 |
(Article Two) In the event that no appeals are submitted by any of the candidates, the specified periods for ruling on appeals and notifying concerned parties as outlined in Article One of this Decision shall be deducted from the scheduled dates for conducting the elections.
(Article Three) This Decision shall be published in the Egyptian Gazette and on the websites of the Authority, the Egyptian Exchange, and the Fund.
Chairman of the Board Financial Regulatory Authority Dr. Mohamed Fared Saleh
Smart Village, Building 136, Giza, Egypt Postal Code: 110 Tel: +202 35345350 Fax: +202 35370036 WWW.FRA.GOV.EG