Regulatory Alerts2022-01-01
Decision of the Board of Directors No. (149) for 2022
The Financial Regulatory Authority (FRA) issued Decision No. 149 of 2022 to amend the Egyptian Exchange's listing and delisting rules, introducing stricter retention requirements for principal shareholders, revised capital and free-float thresholds for newly established companies, and enhanced disclosure obligations for listed entities. The decision mandates that companies with annual revenues exceeding two billion Egyptian pounds disclose information in both Arabic and English, while also permitting remote voting through electronic systems for general assemblies. Furthermore, it establishes clear procedures and timelines for post-acquisition disclosures, provisional listing validations, and compliance regularization within a nine-month grace period.