Regulatory Alerts2014-01-01
Capital Markets Authority Board of Directors Decision No. (20) of 2014
The Capital Markets Authority (CMA) Board of Directors issued Decision No. 20 of 2014 to amend the executive rules governing Intra Day Trading in shares. The decision establishes stringent eligibility criteria for brokerage firms seeking approval, including Category A classification with Egypt Clearing, implementation of corporate governance standards, clean disciplinary records with specific waiting periods, legal clearance, audited financial statements, a minimum 25% transaction value deposit or bank guarantee, and a dedicated specialized team of at least six qualified staff members. Applications will be adjudicated within fifteen days, with reasoned rejection decisions subject to appeal before the Authority's committees, and the decision takes effect the day after its publication in the Egyptian Gazette.