Ministry of Investment

The Minister

Decision

Minister of Investment
No. (292) of 2007
Adding the Market Maker Activity to the Activities of Companies Working
in the Field of Securities

The Minister of Investment;
Having reviewed the Capital Market Law issued by Law No. 95 of 1992
and its amendments,
and Presidential Decree No. 231 of 2004 on the organization of the Ministry of Investment,
and Minister of Economy and Foreign Trade Decision No. 135 of 1993 on issuing
the Executive Regulations of the Capital Market Law and its amendments,
and based on the proposal of the Board of Directors of the General Authority for the Capital Market at its meeting held on
12/9/2007.

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Has Decided

(Article One)

The market maker activity is added to the fields of activities of companies working in the field of securities
stipulated in Article (27) of the Capital Market Law issued by
Law No. 95 of 1992.
The market maker activity is defined as providing continuous liquidity for securities listed on one of the
securities exchanges for which the market maker is committed to making a market, by guaranteeing trading in them
during the trading session.

(Article Two)

The minimum cash capital for companies licensed to carry out the activity
referred to in the preceding Article shall be ten million Egyptian pounds in full.

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(Article Three)

The market maker is obligated to choose the securities for which it is committed to making a market from among
the securities that meet the standards specified by the exchange and approved by the Authority.
The activity shall be carried out in accordance with the provisions attached to this Decision.

(Article Four)

This Decision shall be published in the Egyptian Gazette, and shall take effect from the day following its publication date.

Minister of Investment
Dr. Mahmoud Mohieddin
Dated: 26/10/2007
Marwa

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Standards for Carrying Out the Market Maker Activity

1- Licensing to carry out the market maker activity shall be granted in accordance with the procedures stipulated in Law
No. 95 of 1992 on the issuance of the Capital Market Law, and the Board of Directors of
the Authority shall set the financial solvency standards and the rules of experience and competence required to carry out this
activity, in addition to what is required by the exchange membership rules.

2- The market maker is obligated to do the following:
a. Buy and sell the securities for which it is committed to making a market for its own account during
official trading hours, provided that these securities are listed on one of the securities
exchanges.
b. Submit sell offers and buy requests for the securities for which it is committed to making
a market during official trading hours.
c. Modify the offers and requests it submits during the period specified by a decision issued by
the exchange management.

3- The difference between the bid and ask prices, and the quantities of offers and requests
shall not exceed the relative quantities and amounts specified by the exchange according to the type of security and its
activity rates.

4- In case the exchange objects to the prices of offers and requests submitted by the market
maker, it must comply with realistic prices, and in case it fails to do so, the exchange president may suspend the offers and requests subject to the objection and notify the Authority thereof.

5- The market maker may carry out the activities of margin buying and borrowing securities
for the purpose of selling on the securities it is making a market for, provided that these
securities are permitted to be traded in accordance with these two activities.

Continuation of Minister of Investment Decision
No. (292) of 2007