Regulatory Alerts2013-02-27
Added · Updated
Decision No. 9 of 2013 of the Egyptian Financial Regulatory Authority on Guidelines for Dealing with Foreign Deposit Certificates for Listed Securities
The Egyptian Financial Regulatory Authority issued Decision No. 9 of 2013 to establish mandatory operational and compliance guidelines for securities brokerage firms and portfolio management companies dealing with foreign deposit certificates linked to Egyptian Exchange-listed securities. The regulation requires brokerage firms to secure prior regulatory approval, maintain minimum capital and solvency thresholds, establish dedicated compliance departments, and implement strict anti-money laundering, client disclosure, and reporting protocols. It further mandates that portfolio management companies execute such transactions exclusively through approved domestic brokers, while imposing detailed record-keeping, periodic settlement statements, and internal audit verification obligations to ensure market stability and transparency.
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