Regulatory Alerts2012-01-01
Prime Minister's Decision No. 421 of 2012 Amending Some Provisions of the Executive Regulations of the Central Deposit and Registration of Securities Law
The Egyptian Prime Minister issued Decision No. 421 of 2012 amending the Executive Regulations of the Central Deposit and Registration of Securities Law to restructure the governance of regulated depository and registration companies. The decree mandates that their boards of directors comprise no more than thirteen members, including a majority of experts, mandatory Egyptian Exchange representation, and strictly defined nomination and approval processes supervised by the Financial Regulatory Authority. It additionally requires a two-week notification window for all board appointments and changes, establishes a vote-rank-based succession protocol for vacant seats, and stipulates immediate publication in the Egyptian Gazette.
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