Regulatory Alerts2023-01-01
Board Decision No. 118 of 2023
The General Authority for Financial Supervision issued Board Decision No. 118 of 2023 to amend the Articles of Association of the Egyptian Securities Union. The decision revises Articles 27 and 29 to redefine board composition, voting mechanisms, nomination procedures, and election oversight, while introducing new clauses governing candidate eligibility, proxy voting, and secured technological systems for elections. It mandates specific representation quotas across brokerage, fund management, and custodial activities, establishes clear tie-breaking and complaint resolution procedures, and takes effect the day following publication.
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