Regulatory Alerts2013-01-01
Circular No. (2) of 2013
The Egyptian Financial Supervisory Authority (EFSA) mandates all licensed securities companies with research units to submit electronic copies of their published reports, analyses, and investment recommendations to the Authority on the first business day of issuance. This requirement applies to any document distributed to clients or the market that contains direct or indirect buy, sell, hold directives, or fair/target valuations for Egyptian or foreign securities listed on the Egyptian Exchange. Compliance begins on October 7, 2013, and the submission process does not constitute EFSA endorsement of the content nor does it limit the Authority's independent power to enforce legal measures when necessary.
Egyptian Financial Supervisory Authority (EFSA)
Egyptian Financial Supervisory Authority (EFSA)
Circular No. (2) of 2013
Dated 30/9/2013
Regarding Submission to the Authority of Copies of Reports, Research, and Recommendations
Issued by Companies Operating in the Securities Field
Article: Companies Operating in the Securities Field
In the context of the Authority's role in monitoring published information, analyses, recommendations, or research regarding securities, as stipulated in Article Four of Law No. (10) of 2009, as well as Article (43) of Law No. (95) of 1992.
All companies operating in the securities field that have research units are required to submit to the Authority an electronic copy of every report, research paper, or document issued by the company for distribution to its clients or publication to market participants, which directly or indirectly includes any of the following:
- A recommendation, opinion, or investment directive to sell, buy, hold, or otherwise dispose of an Egyptian security or a foreign security listed on the Egyptian Exchange.
- An analysis of the securities market, a specific sector, an Egyptian security, or a foreign security listed on the Egyptian Exchange, and any associated estimated reference, fair, or target value for such security.
Companies must submit to the Authority a copy of these reports, studies, research papers, or documents on the first business day of their issuance to the following email address (Surveillance.department@efsa.gov.eg), and the report, study, research, or document must include its issuance date.
Companies are obligated to submit to the Authority accordingly starting from Sunday, October 7, 2013. It is noted that submission to the Authority as mentioned above does not constitute endorsement or approval by the Authority of the recommendations or results contained therein, nor does it affect the Authority's power at any time to take prescribed legal measures, should circumstances warrant.
Hesham Ibrahim
Head of the Central Administration
for the Authority's Presidency Affairs
Headquarters: Al-Sharia Al-Thakiyah, Building 5 - 84 B
Kilometer 28, Cairo/Alexandria Desert Road
Giza Governorate, Postal Code: 12577
Telephone: 202 3537 0040 - 202 3537 0041
Email: info@efsa.gov.eg
Website: www.efsa.gov.eg