Board of Directors' Secretariat

Capital Markets Authority Board Decision No. (29) of 2017

Dated 2017/3/6

Concerning the Regulations Governing Trading in Double-Listed Securities or Those Issued Against Egyptian Deposit Receipts

Board of Directors of the Egyptian Financial Regulatory Authority (FRA)

After reviewing the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations and the decisions issued to implement them;

And the Central Depository and Clearing Law for Securities issued by Law No. (93) of 2000 and its executive regulations;

And the Law Regulating Supervision over Non-Egyptian Markets and Financial Instruments issued by Law No. (10) of 2009;

And Presidential Decree No. (191) of 2009 regarding the provisions governing the management of the Egyptian Exchange and its financial affairs;

And Presidential Decree No. (192) of 2009 issuing the Statute of the Egyptian Financial Regulatory Authority;

And Capital Markets Authority Board Decision No. (9) of 2013 concerning the regulations governing the trading of securities brokerage companies and securities portfolio formation and management companies in foreign deposit receipts corresponding to securities listed on the Egyptian Exchange;

And Capital Markets Authority Board Decision No. (11) of 2014 concerning the rules for listing and delisting securities on the Egyptian Exchange and its amendments;

And Capital Markets Authority Board Decision No. (32) of 2014 concerning the rules, regulations, and procedures for trading of securities brokerage companies and securities portfolio formation and management companies in foreign securities not listed on Egyptian exchanges;

And Capital Markets Authority Board Decision No. (3) of 2010 regarding the working regulations of the Custodian Bank concerning the issuance and cancellation of Egyptian deposit receipts, amended by Capital Markets Authority Board Decision No. (79) of 2016;

And the approval of the Authority's Board of Directors in its session held on 2017/3/6.

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(Article One)

The provisions of this Decision govern the regulations for trading by securities brokerage companies and securities portfolio formation and management companies, on their own behalf or on behalf of their Egyptian or resident foreign clients, in securities double-listed on one of the Egyptian exchanges or against which Egyptian deposit receipts have been issued, without prejudice to the provisions contained in Capital Markets Authority Board Decision No. (9) of 2013 and No. (32) of 2014.

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(Article Two)

The companies referred to in Article One of this Decision shall not trade in securities double-listed on one of the Egyptian exchanges except by executing a sale on the foreign exchange. This must be done through the accounts of the Egyptian Central Depository and Clearing Company, and the proceeds of the trade must be delivered within the Arab Republic of Egypt in the same currency as the purchase through a bank subject to the supervision and oversight of the Central Bank of Egypt.

Within fifteen days from the date of selling the security on the foreign exchange, the companies may notify the Central Depository and Clearing Company to direct the proceeds from the sale operations toward repurchasing the same security or purchasing another security that meets the same double-listing conditions between the foreign exchange where trading occurs and one of the Egyptian exchanges.

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(Article Three)

The companies referred to in Article One of this Decision may, upon the request of holders of Egyptian deposit receipts wishing to convert them into shares, register the shares in the custodian bank's account as the registered owner of these shares on foreign exchanges through the accounts of the Central Depository and Clearing Company with any of the international custodians.

The Central Depository and Clearing Company shall deliver the value of the share sale or any other monetary receivables within the Arab Republic of Egypt in the same currency as the purchase through a bank subject to the supervision and oversight of the Central Bank of Egypt.

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(Article Four)

The companies referred to in Article One of this Decision may trade by sale only in foreign securities whose listing has been delisted / or in securities corresponding to those delisted from the Egyptian exchanges (Egyptian deposit receipts), provided that the companies held those securities before the delisting of the security or its corresponding instrument from one of the Egyptian exchanges.

The sale of those securities must be conducted through the accounts of the Central Depository and Clearing Company with foreign depository banks, and the proceeds of the trade must be delivered within the Arab Republic of Egypt in the same currency as the purchase through a bank subject to the supervision and oversight of the Central Bank of Egypt.

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(Article Five)

Capital Markets Authority Board Decision No. (79) of 2016 is hereby repealed.

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(Article Six)

This Decision shall be published in the Official Gazette and on the websites of the Authority, the Egyptian Exchange, and the Central Depository and Clearing Company, and shall take effect as of the day following its publication in the Official Gazette.

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Chairman of the Board of Directors
Sherif Samy

Egyptian Financial Regulatory Authority
Chairman's Office
46076