FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority
Resolution of the Authority's Board of Directors No. (155) for 2021 dated 20/10/2021 Amending the Authority's Board of Directors Resolution No. (54) for 2014 regarding the Rules and Procedures Governing the Phased Issuance of Bonds for Joint Stock Companies, Limited Liability Companies with Shares, and other Legal Entities

The Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations; and the Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and the Authority's Board Resolution No. (54) of 2014 regarding rules and procedures for phased bond issuance for joint stock companies, limited liability companies with shares, and other legal entities; and the Authority's Board Resolution No. (55) of 2018 regarding disclosure controls and methods for companies that issued securities in a public offering or are listed on the Egyptian Exchange; and the Authority's Board Resolution No. (145) of 2021 regarding controls and procedures for public and private bond offerings; and after approval by the Authority's Board at its meeting held on 20/10/2021;

Resolved:

(Article One)
The following two texts replace paragraphs (2, 3) of Article One of the aforementioned Authority's Board Resolution No. (54) of 2014:

(Article One - Paragraph "2"):
2- The maturity period for the issuance of each tranche shall not be less than thirteen months, and repayment of this tranche or part thereof may not be amended except with the approval of the bondholders' group. A meeting of the group shall be valid if attended by at least (50%) of its members; if this quorum is not met in the first meeting, the second meeting shall be valid with attendance by (25%) of the members or their proxies. The decision shall be issued by a three-quarters majority of the votes present at the meeting.

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35370350 Fax: +202 35370036
WWW.FRA.GOV.EG
Building Bridges not Walls

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority
(Article One - Paragraph "3"):
3- The issuing company or legal entity shall disclose in public offering prospectuses or private placement information memoranda the complete data of periodic credit rating certificates, in accordance with the disclosure methods specified for material events as set forth in the Authority's Board Resolution No. (55) of 2018 regarding disclosure controls and methods for companies that issued securities in a public offering or are listed on the Egyptian Exchange. Disclosure shall be made within seven days from the date of issuance of the certificate if it includes a change in credit rating after the publication of the prospectus or information memorandum. If the bonds are not listed on the Egyptian Exchange, disclosure shall be made on the electronic website designated by the Authority for this purpose and/or the electronic website of the company or legal entity, as applicable.

(Article Two)
This Resolution shall be published in the Egyptian Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors
Dr. Mohamed Omran

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35370350 Fax: +202 35370036
WWW.FRA.GOV.EG
Building Bridges not Walls
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