Regulatory Alerts2017-01-01
Capital Markets Authority Board Decision No. (29) of 2017 Concerning the Regulations Governing Trading in Double-Listed Securities or Those Issued Against Egyptian Deposit Receipts
The Egyptian Financial Regulatory Authority (FRA) Board issued Decision No. 29 of 2017 to regulate trading by securities brokerage and portfolio management firms in double-listed securities or those backed by Egyptian deposit receipts. The decision mandates that all transactions must be executed as sales on foreign exchanges through the Central Depository and Clearing Company, with proceeds repatriated to Egypt in the original purchase currency via Central Bank-supervised banks. It additionally authorizes the conversion of deposit receipts into shares for foreign exchange registration, restricts trading in delisted foreign securities to sales only, and formally repeals the Authority's Decision No. 79 of 2016.
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