Regulatory Alerts2022-01-01
Circular Letter No. 2 of 2022 Regarding the Membership of Securities Companies in the Egyptian Securities Association
The Financial Regulatory Authority (FRA) issued Circular Letter No. 2 of 2022 to confirm that the six-month extension granted by Board Decision No. 32 of 2022 constitutes the final deadline for securities companies to complete their membership procedures in the Egyptian Securities Association (ESA). The FRA mandates that all operating securities firms must finalize their ESA membership before the deadline expires, as stipulated under Article 44 of the ESA's Bylaws which requires the Authority to appoint an executive committee and convene the first general assembly within six months of its formation. This directive ensures the timely activation and operational commencement of the ESA by securing the necessary membership from relevant securities companies.