Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Resolution No. (146) of 2021 Regarding the Regulations Governing the Deposit and Registration of Government Financial Instruments and Settlement of Financial Positions Arising from Their Trading
The Financial Regulatory Authority issued Board Resolution No. 146 of 2021 to establish comprehensive regulations governing the deposit, registration, and financial settlement of government securities. The Resolution defines key terms, outlines membership criteria for clearing and settlement members, and mandates the Central Bank of Egypt and a designated central depository company to execute primary market auctions and secondary market trading settlements. It further standardizes delivery-versus-payment (DVP) and free-of-payment (FoP) mechanisms, early redemption procedures, coupon distributions, tax withholdings, and electronic system integration to ensure operational efficiency and transparency across the government financial instruments market.