Regulatory Alerts2014-01-01
Decision No. 96 of 2014 of the Egyptian Financial Regulatory Authority on Candidacy Rules and Criteria for the Board of Directors of the Central Depository and Clearing Company
The Egyptian Financial Regulatory Authority issued Decision No. 96 of 2014 to establish strict eligibility criteria and nomination procedures for the board of directors of the Central Depository, Clearing and Securities Registration Company. The regulation mandates that candidates for chairmanship, managing directorship, and board seats must possess specific professional qualifications, clean legal records, and minimum years of relevant experience, while explicitly prohibiting conflicts of interest and dual board memberships with the Egyptian Exchange or related insurance funds. It further requires the company to submit four distinct candidate lists for shareholder and expert positions, with voting procedures strictly tied to these approved lists, and formally repeals the previous 2012 decision.