Regulatory Alerts2016-01-01
Decision of the Board of Directors of the Authority No. (94) of 2016
The Egyptian Financial Supervisory Authority issued Decision No. (94) of 2016 to amend its listing and delisting rules by introducing Article 34 bis, which mandates listed companies to conduct a fair value study of their shares when unidirectional price movements exceed 50% within three months or 75% within six months without corresponding market, sector, or fundamental justification. The decision requires companies to engage an independent financial advisor registered with the Authority to prepare the study and summary, submit them within one month of the Authority's request, and publish the summary on trading screens, the Exchange's website, and the company's website homepage. This Decision was published in the Egyptian Gazette and became effective the day following its publication.