Regulatory Alerts2023-01-01
Decision of the Chairman of the Authority No. 1462 of 2023
The Financial Regulatory Authority issued Decision No. 1462 of 2023 to establish a specialized committee that adjudicates appeals from candidates excluded from the Egyptian Securities Union's board election lists. The decision mandates that appeals be filed within three working days of preliminary list publication, with the committee issuing final rulings within a week of submission and notifying stakeholders within two working days. Furthermore, it grants the committee authority to request necessary documents from regulators or the Union and takes effect upon publication in the Official Gazette, superseding conflicting provisions.
FINANCIAL REGULATORY AUTHORITY
Decision No. 642 of 2023 dated 8/6/2023
Regarding the Regulation of Appeals for the Election of the Board of Directors of the Egyptian Securities Union
Chairman of the Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. 95 of 1992;
and the Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments;
and the Board of Directors Decision No. 20 regarding the Basic System of the Egyptian Securities Union;
has decided
(Article One)
A committee to review appeals submitted by candidates whose names were excluded from the candidate lists for membership in the Union's Board of Directors shall be formed by decision of the Authority's Chairman, presided over by one of the Authority's legal advisors, and comprising:
- Representatives from the Authority holding senior management positions.
- The Union's Legal Advisor.
Appeals shall be submitted within three working days from the date of publication of the preliminary lists referred to in the Authority Chairman's decision regarding the regulation of procedures and examination of candidacy applications for the first elections to the Union's Board of Directors.
The committee shall adjudicate appeals within a period not exceeding a week from the expiration of the appeal submission deadline, and interested parties shall be notified of the committee's decision within a maximum of two working days from its issuance.
(Article Two)
Any candidate may appeal the results or procedures of the elections within three working days from their announcement. The committee referred to in the preceding article shall adjudicate appeals submitted regarding election results or procedures within a period not exceeding a week from their submission, and its decision shall be final.
In all cases, the committee referred to in this decision may request any data or documents from the Regulator or the Union, whenever necessary for adjudicating the appeal.
(Article Three)
This decision shall be published in the Official Gazette and on the Authority's website, and shall take effect from the day following its publication date, repealing any provision contrary to its provisions.
Chairman of the Board
Financial Regulatory Authority
Dr. Mohamed Fared Saleh
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3534530
Fax: +202 35370036
WWW.FRA.GOV.EG
ARAB REPUBLIC OF EGYPT
Building Bridges not Walls
FINANCIAL REGULATORY AUTHORITY