Regulatory Alerts2022-01-01
Financial Regulatory Authority Board Decision No. (68) of 2022
The Financial Regulatory Authority (FRA) issued Board Decision No. 68 of 2022 to amend Decision No. 94 of 2018 by adding Article 9, which establishes a framework for executing share transfers in startups through convertible instruments. The decision mandates that the Central Depository and Registration Company for Securities may act as an Escrow Agent to facilitate these transfers on the Egyptian Stock Exchange, subject to FRA approval and proof of deposited transaction values in a Central Bank-supervised bank. It further requires the Authority to define the necessary conditions for such ownership transfers and stipulates that the decision takes effect upon publication in the Egyptian Gazette.
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