Regulatory Alerts2020-01-01
Financial Regulatory Authority Board Resolution No. (210) of 2020
The Financial Regulatory Authority (FRA) issued Board Resolution No. (210) of 2020 to extend the compliance grace period for companies listed on the Egyptian Exchange that have not yet executed their securities offerings. The resolution grants a six-month extension ending June 30, 2021, conditional on those companies submitting a detailed implementation timeline to the Exchange by March 31, 2021 for management approval. This directive builds upon prior regulatory measures to provide additional operational time while mandating structured progress toward offering execution.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
— Chairman of the Authority —
Resolution of the Board of Directors of the Financial Regulatory Authority
No. (210) of 2020 dated 27/12/2020
Regarding the extension of the grace period granted to companies listed with securities on the Egyptian Exchange that have not executed the offering
The Board of Directors of the Financial Regulatory Authority,
Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations;
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 Presidential Decree No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority;
And Board Resolution No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange;
And Board Resolutions No. (29) of 2019 and No. (59) of 2020 regarding the extension of the grace period granted to companies listed with securities on the Egyptian Exchange that have not executed the offering;
And having approved this by the Board of Directors in its session held on 27/12/2020;
Decided
(Article One)
The grace period granted to companies listed with securities on the Egyptian Exchange that have not taken steps to execute the offering, in accordance with the text of the third paragraph of Article (1) of the rules for listing and delisting securities on the Egyptian Exchange, is extended for a period of six months ending on 30/6/2021. Those companies are obligated to submit to the Egyptian Exchange, no later than 31/3/2021, a timeline detailing the procedures required to execute the offering, subject to the Exchange's management approval.
(Article Two)
This Resolution shall be enforced from the date of its issuance and published in the Egyptian Gazette, as well as on the websites of the Authority and the Egyptian Exchange.
Chairman of the Board of Directors
Financial Regulatory Authority
Dr. Mohamed Omran
Financial Regulatory Authority
Chairman's Office
46076
Smart Village: Building 137, Egypt
Postal Code: 110
Tel: +202 3534750 - Fax: +202 3534700
WWW.FRA.GOV.EG
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