Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (48) of 2019 on Public and Private Placement Regulations and Procedures
The Financial Regulatory Authority (FRA) issued Decision No. (48) of 2019 to establish comprehensive regulations and procedures governing public and private securities placements in Egypt. The decision defines placement types, including IPOs, FPOs, and combined offerings, while mandating specific pricing mechanisms such as fixed price and book building, alongside strict price range and final price disclosure rules. It further delineates the qualifications for private placement investors, outlines the mandatory obligations of all placement parties—including underwriters, placement managers, brokers, depositories, and legal advisors—and sets forth procedural requirements for public offerings, including minimum placement durations and fair value study mandates.