Regulatory Alerts2012-01-01
Decision No. 83 of 2012 of the Board of Directors of the Capital Market Authority
The Capital Market Authority of Egypt issued Decision No. 83 of 2012 to establish official fee schedules for its examination and review services related to specific securities issuance operations. The decree mandates that the Authority charge a fee of 0.5 per thousand of the offered securities' value for capital increase subscription requests involving separate subscription rights, and 0.25 per thousand when such rights are not issued. Additionally, it sets fees at 0.5 per thousand for share split requests and 0.125 per thousand for nominal value subdivision requests, with the decision taking effect the day after publication on the Authority's website and the Exchange's trading screens.
Decision No. 83 of 2012 of the Board of Directors of the Authority
Dated 17/12/2012 Regarding the Determination of Fees for Examining and Studying Certain Securities Issuance Operations
Board of Directors of the Capital Market Authority
Having reviewed the Joint Stock Companies, Partnerships Limited by Shares, and Limited Liability Companies Law issued under Law No. 159 of 1981 and its executive regulations and implementing decisions; And the Capital Market Law issued under Law No. 95 of 1992, and its executive regulations and implementing decisions; And the Central Depository and Registration of Securities Law issued under Law No. 93 of 2000 and its executive regulations; And Law No. 10 of 2009 regarding the regulation of supervision over non-banking financial markets and securities; And Presidential Decree No. 191 of 2009 regarding the rules governing the management and financial affairs of the Egyptian Exchange; And the Basic Statute of the Capital Market Authority issued by Presidential Decree No. 192 of 2009, And upon approval by the Board of Directors of the Authority on 17/12/2012.
Has Decided
(Article One)
The Authority shall charge a fee for the services it provides in examining and studying the documents of requests to invite existing shareholders of companies listed with its securities on the Exchange to subscribe to a capital increase, at a rate of half per thousand (0.5/1000) of the value of the securities offered for subscription in cases where the documents indicate the issuance and trading of separate subscription rights, and at a rate of a quarter per thousand (0.25/1000) of the value of the securities offered for subscription in cases where they do not indicate the issuance of subscription rights.
(Article Two)
The Authority shall charge a fee for the services it provides in examining and studying requests to split the shares of a company listed with its securities on the Exchange, at a rate of half per thousand (0.5/1000) of the value of the share issuance resulting from the split.
(Article Three)
The Authority shall charge a fee for the services it provides in examining and studying requests to subdivide the nominal value of shares for a company listed with its securities on the Exchange, at a rate of one-eighth per thousand (0.125/1000) of the company's capital value.
(Article Four)
This Decision shall be published on the Authority's electronic website and on the Exchange's trading screens, and shall take effect from the day following its issuance. All companies and entities addressed by it, as well as the relevant departments of the Authority, shall implement it according to their respective responsibilities.
Chairman of the Board of Directors of the Authority (Dr. Ashraf El-Sharkawy)
Main Address: Smart Village, Building 15 - 84 B Km 28, Cairo-Alexandria Desert Road Giza Governorate, Postal Code: 12577 Telephone: 02-235370040 - 0041 Fax: 02-235370041 Email: info@efsa.gov.eg Website: www.efsa.gov.eg