Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (81) of 2018 on the Rules and Procedures for Converting Bearer Shares to Registered Shares
The Financial Regulatory Authority (FRA) issued Decision No. (81) of 2018 mandating the conversion of all bearer shares to registered shares within Egypt's capital market. The decision requires company boards to convene an Extraordinary General Assembly within one month to approve the cancellation and conversion, while existing holders must submit exchange applications with national ID verification within one year of the decision's effective date. The Central Depository and Registration Company will execute the conversion upon company request, after which the FRA will delist the bearer shares and list the replacement registered shares, with all pre-existing bearer securities required to be regularized within the one-year compliance window.
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