Regulatory Alerts2017-01-01
General Authority for Financial Supervision Board Decision No. (76) of 2017
The General Authority for Financial Supervision Board of Directors issued Decision No. (76) of 2017 to amend Article 35 of the Egyptian Exchange Listing Rules governing listed companies' financial disclosure obligations. The revised provision requires listed companies to publish a comprehensive summary of their annual financial statements, board reports, and auditor opinions in two widely circulated daily Egyptian newspapers (at least one in Arabic) at least eleven days prior to the General Assembly meeting for statement ratification. Additionally, the decision mandates that any amendments approved by the General Assembly be published in the same newspapers within one week of approval, and prohibits reconvening the Assembly for ratification until complete statements are formally submitted to both the Authority and the Exchange management.