Regulatory Alerts2016-01-01
Board of Directors Decision No. (35) of 2016 Amending Decision No. (11) of 2014 on the Rules for Listing and Delisting Securities on the Egyptian Exchange
The Egyptian Financial Regulatory Authority (FRA) issued Decision No. (35) of 2016 to amend the Rules for Listing and Delisting Securities on the Egyptian Exchange, specifically updating definitions for independent board members, distribution announcement procedures, and audit committee composition. The decision introduces strict controls on asset disposals exceeding 50%, restricts cross-ownership between controlled and sister companies to 10%, and mandates the treatment of shares purchased by subsidiaries as treasury shares subject to a one-year disposal limit. Listed companies must comply with these amendments and formalize their status by June 30, 2016, with enforcement delegated to the Exchange and the FRA's competent department.
Share