Regulatory Alerts2014-01-01
Decision of the Chairman of the Authority No. (8) of 2014
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. 8 of 2014 mandating licensed securities companies to submit an Excel file containing detailed personal and contact data for their board members, executives, employees, and related parties to insiders@efsa.gov.eg by January 23, 2014. The regulation defines covered individuals to include direct relatives up to the second degree and entities with significant ownership or board representation, requiring annual updates and immediate notification of any changes. Internal auditors at these firms are tasked with establishing internal controls to verify data accuracy, while the decision takes effect the day after publication on the Authority’s and Stock Exchange’s websites.
Chairman of the Board of Directors
Decision of the Chairman of the Board of Directors of the Authority
No. (8) for the year 2014 dated 8/1/2014 Regarding the provision of data concerning members of the Board of Directors, managers, employees, and related persons in companies operating in the securities sector
The Board of Directors of the Egyptian Financial Supervisory Authority 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 Law No. 10 of 2009 concerning the regulation of supervision over non-banking financial markets and instruments; and Presidential Decision No. 192 of 2009 issuing the Basic Statute of the Egyptian Financial Supervisory Authority;
Decided
Article One
The Managing Director of companies licensed for the following activities shall be obligated to: 1- Securities brokerage activity. 2- Bond intermediation and trading activity. 3- Securities portfolio formation and management activity. 4- Investment fund management activity.
submit to the Authority, before the end of business on January 23, 2014, a statement in the form of an (EXCEL SHEET) file concerning the data of the persons specified in Article Two and according to Appendix No. (1) of this Decision, to be sent to the Authority via the following email: insiders@efsa.gov.eg
Submission of this statement to the Authority shall constitute an acknowledgment by the Managing Director of the company of the accuracy of the data contained therein, subject to updating these data periodically at least once a year and notifying the Authority immediately upon any changes thereto.
Article Two
The provisions of this Decision shall apply to members of the Board of Directors, managers, and employees of the company, whether permanent or temporary, and related persons, including: 1- Relatives up to the first degree, which include the father, mother, spouse, children, and parents of the spouse. 2- Relatives up to the second degree, which include brothers, sisters, grandparents, and grandchildren. 3- Commercial partnership relationships, which consist of companies in which a seat on the board of directors is held, or 5% or more of its share capital is owned, or which have actual authority over its management.
Article Three
The Internal Auditor of companies subject to the provisions of this Decision shall be obligated to establish internal control procedures that ensure these persons provide the required data accurately, in compliance with reality, and update it periodically for submission to the Authority.
Article Four
This Decision shall be published on the websites of the Authority and the Stock Exchange, and shall take effect from the day following its publication date. All companies and entities subject to it, as well as the competent departments of the Authority, shall implement it according to their respective responsibilities.
Chairman of the Board of Directors
Sherif Samy
46076
Egyptian Financial Supervisory Authority (EFSA)
Smart Village, Building 15 - 84 B Kilo 28, Cairo/Alexandria Desert Road Giza Governorate, Postal Code: 12577
Telephone: 020235370040 Fax: 020235345333 Email: info@efsa.gov.eg Website: www.efsa.gov.eg
Statement of Members of the Board of Directors, Managers, Their Functions, and Related Persons
For Decision of the Chairman of the Board of Directors No. (8) of 2014
| Company Name: | | | Company Code: | |
| Relationship to Company | Name | Nationality | Date of Birth (Day/Month/Year) | Address (Country, City, Street, House Number) | Phone Number (Home/Work) | Mobile Number | National ID Number | Notes | |
| Direct Stakeholders | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
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| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
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| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) | |||||||||
| - Managing Director (Chief Executive Officer) |