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.
Board of Directors Secretariat
Authority Board Decision No. (76) of 2017 dated 30/5/2017
Amending Authority Board Decision No. (11) of 2014
Regarding the Rules for Listing and Trading Securities on the Egyptian Exchange
General Authority for Financial Supervision Board of Directors
Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued by Law No. (159) of 1981 and its executive regulations; And on the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations and the decisions issued in implementation thereof; And on the Central Deposit and Registration of Securities Law issued by Law No. 93 of 2000 and its executive regulations; And on Law No. (10) of 2009 regulating supervision over non-Egyptian markets and financial instruments; And on Presidential Decree No. (191) of 2009 regarding the provisions governing the management of the Egyptian Exchange and its financial affairs; And on the Statute of the General Authority for Financial Supervision issued by Presidential Decree No. (192) of 2009; And on Investment and International Cooperation Ministerial Decision No. 94 of 2017 amending the executive regulations of the Companies Law; And on Authority Board Decision No. (11) of 2014 regarding the rules for listing and trading securities on the Egyptian Exchange; And its amendments; And on the approval of the Authority Board of Directors dated 9/5/2017.
Scope
(Article One)
The text of the first paragraph of Article (35) of the Listing Rules regarding the obligations of listed companies with securities shall be replaced with the following:
"Subject to the provisions of Law No. 159 of 1981 and Law No. 95 of 1992, every company listed on the Exchange's table shall publish a comprehensive summary of the Board of Directors' report, annual financial statements, accompanying notes, the auditors' report, and the Authority's observations thereon (if any) - all in legible print in two daily Egyptian newspapers of wide circulation, at least one of which shall be in Arabic, at least eleven days prior to the scheduled date of the General Assembly meeting. The General Assembly meeting for the ratification of the statements shall not be reconvened before they are submitted complete to the Authority and the Exchange management. This publication shall include the separate and consolidated financial statements for companies obligated to present consolidated financial statements. If the company's General Assembly makes any amendments to such statements, the company shall publish a statement regarding such amendments and the amended financial statements within one week from the date of the General Assembly's approval of the financial statements, in the same two newspapers."
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect as of the day following its issuance date.
Chairman of the Board of Directors
Sherif Samy
(Seal: General Authority for Financial Supervision)