Regulatory Alerts2022-01-01
Capital Market Authority Board of Directors Resolution No. 174 for the Year 2022
The Capital Market Authority Board of Directors issued Resolution No. 174 for 2022 to amend the regulatory framework governing unlisted securities on the Egyptian Stock Exchange. The resolution repeals a specific company management undertaking to relist securities within an exchange-accepted timeframe and eliminates the fourth paragraph of Article 4 from Resolution No. 94/2018, thereby simplifying trading and ownership transfer procedures. It mandates publication in The Egyptian Gazette and on the official electronic portals, with immediate effect starting the day following publication.
The Egyptian Gazette – No. 268, Part (B) continued, on December 1, 2022
5 Capital Market Authority Capital Market Authority Board of Directors Resolution No. 174 for the Year 2022 Dated 30/11/2022 Amending Capital Market Authority Board of Directors Resolution No. 94 for the Year 2018 Regarding the Rules and Procedures for Trading Securities Not Listed on the Egyptian Stock Exchange and Their Transfer of Ownership Procedures
The Board of Directors of the Capital Market Authority Having reviewed the Capital Market Law issued by Law No. 95 of 1992 and its Executive Regulations; and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; and Resolution No. 94 of the Board of Directors of the Authority for the year 2018 regarding the rules and procedures for trading securities not listed on the Egyptian Stock Exchange and their transfer of ownership procedures; and after the approval of the Authority's Board of Directors in its meeting held on 30/11/2022; has decided:
(Article One) The phrase "and the company's management undertakes to take the necessary measures to relist its financial securities on the Egyptian Stock Exchange within a period accepted by the Exchange," contained in the latter part of Paragraph Three of Article (4) of the Rules and Procedures for Trading Securities Not Listed on the Egyptian Stock Exchange and Their Transfer of Ownership Procedures attached to Resolution No. 94 of the Board of Directors of the Authority for 2018, is hereby repealed. The fourth paragraph of the same Article is also repealed.
6 (Article Two) This Resolution shall be published in The Egyptian Gazette, and on the electronic websites of the Authority and the Egyptian Stock Exchange, and shall take effect from the day following its publication date.
Chairman of the Board of Directors Capital Market Authority Dr. Mohamed Farid Saleh
Chairman of the Board of Directors Library Deposit No. 268 for the Year 2022 909 - 2022/12/1 - 2022 / 25466