Board Decision No. (127) of 2020

Financial Regulatory Authority

Chairman of the Authority

Board Decision No. (127) of 2020 dated 2020/8/16

Amending Board Decision No. (33) of 2019 regarding the rules, conditions, and procedures for licensing the operation of futures exchanges for trading derivatives of securities listed on a stock exchange

Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations;

and the Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;

and Board Decision No. (33) of 2019 regarding the rules, conditions, and procedures for licensing futures trading activities on derivatives of securities listed on a stock exchange;

and following the approval of the Authority's Board of Directors in its meeting held on 2020/8/16;

DECIDED

(Article One)

Two new items numbered (13, 14) are added to Article Two of the aforementioned Board Decision No. (33) of 2019, with the following text:

13- Prohibition of holding the position of Chairman of the Board concurrently with the position of Managing Director or Chief Executive Officer of the company.

14- The Chairman of the Board and executive board members shall not serve on the board for more than three terms, not exceeding nine consecutive or non-consecutive years.

(Article Two)

This Decision shall be published in the Al-Waqai' Al-Masriya (Egyptian Gazette) and on the Authority's electronic website, and shall take effect from the day following its publication date in the Gazette.

Chairman of the Board of the Authority Mohamed Amr

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