Regulatory Alerts2023-01-01
Decision of the FRA Board of Directors No. 50 dated March 22, 2023 regarding the request to suspend decisions of the Egyptian Bank for Export Development’s Ordinary General Assembly held on October 25, 2023
The Financial Regulatory Authority’s Board of Directors issued Decision No. 50 on March 22, 2023 to reject a shareholders’ request for suspending the Ordinary General Assembly decisions of the Egyptian Bank for Export Development, citing unmet formal requirements under Article 10 of the Capital Market Law. The ruling takes effect upon issuance, mandates publication on the Egyptian Exchange screens and the Authority’s official website, and directs relevant agencies to execute its provisions. It formally concludes the administrative review initiated by shareholders following the October 25, 2023 assembly meeting.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (50) dated 2023/3/22 regarding the request to suspend decisions of the Ordinary General Assembly of the Egyptian Bank for Export Development held on 2023/10/25
Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations; having reviewed Law No. 10 of 2009 regarding the regulation of supervision over non-Egyptian markets and financial instruments; having reviewed Presidential Decree No. 192 of 2009 regarding the Statute of the Financial Regulatory Authority; having reviewed the request submitted by certain shareholders to suspend decisions of the Ordinary General Assembly of the Egyptian Bank for Export Development held on 2023/10/25; having reviewed the memorandum prepared by the competent Central Department of the Authority dated 2023/3/12; and having reviewed the approval of the Board of Directors in its session held on 2023/3/22.
Decides
(Article One)
The request to suspend decisions of the Ordinary General Assembly of the Egyptian Bank for Export Development held on 2023/10/25 is rejected due to the lack of formal requirements, in accordance with Article No. (10) of the Capital Market Law issued by Law No. 95 of 1992.
(Article Two)
This Decision shall be published on the screens of the Egyptian Exchange and the Authority's website, and shall take effect from its issuance date. The competent authorities are tasked with implementing it according to their respective jurisdictions.
Chairman of the Board
Financial Regulatory Authority Dr. Mohamed Fared Saleh
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