Regulatory Alerts2012-01-01
Decision No. (33) of the Year 2012 of the Authority's Board of Directors
The General Authority for Financial Supervision (EFSA) issued Decision No. (33) to establish the eligibility criteria and qualifications for candidates seeking the chairmanship or board membership of the Central Depository and Clearing Company for Securities. The regulation mandates that all nominees must possess a clean legal record, a higher academic degree, and a minimum of seven years of relevant market experience, while explicitly prohibiting conflicts of interest, kinship ties up to the fourth degree, and dual board memberships with the Egyptian Exchange or the securities insurance fund. Furthermore, it stipulates that the Company's Chairman and Managing Director must be independent experts serving full-time, and defines the specific operational and suspension-history requirements for shareholder members eligible to nominate board representatives.