Regulatory Alerts2011-01-01
Prime Minister's Decision No. 346 of 2011
Prime Minister Essam Sharaf issued Decision No. 346 of 2011 to extend the term of the Board of Directors of the Securities Market Participants Insurance Fund for an additional year. The decree authorizes the Board to continue exercising its statutory competencies under Decision No. 1764 of 2004 and to execute all necessary transactions to achieve its objectives. This regulation becomes effective the day following its official publication in the Egyptian Gazette.
Prime Minister's Decision No. 346 of 2011
Prime Minister
Having reviewed the Constitutional Declaration issued on 13/2/2011
and the Law No. 10 of 1981 on Supervision and Control of Insurance in Egypt,
and the Law No. 159 of 1981 on Joint Stock Companies, Commandite Companies, and Limited Liability Companies,
and the Law No. 95 of 1992 on the Capital Market,
and Law No. 10 of 2009 concerning the regulation of supervision over non-banking financial markets and instruments,
and Supreme Council of the Armed Forces Decision No. 23 of 2011 designating the Prime Minister as the competent minister to implement the provisions of Law No. 10 of 2009,
and Prime Minister's Decision No. 1764 of 2004 establishing a fund to insure securities market participants against non-commercial financial risks arising from the activities of companies operating in the securities sector,
and Investment Minister Decision No. 246 of 2008,
and based on the proposal of the Chairman of the General Authority for Financial Supervision.
Decided
(Article One)
The term of the Board of Directors of the Fund for Insuring Securities Market Participants against Non-Commercial Financial Risks Arising from the Activities of Companies Operating in the Securities Sector is extended for an additional period of one year, effective from the end of the term of the current Board of Directors.
(Article Two)
The Fund's Board of Directors shall exercise its competencies in accordance with the provisions of Prime Minister's Decision No. 1764 of 2004, and shall also be authorized to execute transactions and take decisions necessary to achieve its objectives.
(Article Three)
This Decision shall be published in the Egyptian Gazette and shall take effect from the day following its publication date.
Prime Minister
(Dr. Essam Sharaf)
Issued at the Prime Minister's Office on 7 Rabi' al-Thani 1432 AH
Corresponding to 12 March 2011 AD
Copy sent to Mr. / Chairman of the General Authority for Financial Supervision
Secretary-General of the Cabinet
(Dr. Sami Saad Zaghloul)