Regulatory Alerts2020-01-01
FRA Board of Directors Resolution No. (1) of 2020
The Financial Regulatory Authority (FRA) issued Resolution No. (1) of 2020 to amend the Egyptian Exchange's listing and delisting rules, specifically updating Article 35 and adding a new clause to Article 40. The amended Article 35 mandates listed companies to submit annual financial statements and auditor reports to the FRA one month prior to the General Assembly meeting, publish comprehensive summaries and full statements on exchange screens and company websites at least 21 days before the meeting, and print summaries in a major Arabic newspaper. The new Article 40(c) requires board reports to disclose all insider conflicts of interest, material transactions, and competitive activities, while explicitly barring conflicted insiders from voting on related resolutions and prohibiting unapproved competitive engagements.