Regulatory Alerts2018-01-01
GAFS Board Decision No. 66 of 2018 (Updated November 30, 2022) on Precautionary Measures Regarding Clients During Investigations for Trading Rule Violations at Egyptian Stock Exchanges
The General Authority for Financial Supervision (GAFS) issued Board Decision No. 66 of 2018 to establish precautionary suspension measures for clients under investigation at Egyptian stock exchanges who violate trading rules. The decision authorizes the Authority to halt a client's securities purchases across all market activities and mechanisms for up to three months, or six months if criminal proceedings are initiated, covering transactions conducted in any capacity. It explicitly repeals prior Board Decisions No. 40 and 123 of 2017, updates the first article via Decision No. 175 of 2022, and mandates publication in the Egyptian Gazette and official electronic platforms to ensure immediate enforceability.
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