FRA extends the deadline for the founding committee of the Securities Union for a period of 6 months


Dr. Mohamed Farid, Chairman of the Egyptian Financial Supervisory Authority, issued Resolution No. 74 of 2022, extending the deadline granted to the founding committee of the Egyptian Securities Association, in accordance with Article 44 of the Association’s statute, to hold the first general assembly of the union for a period of 6 months, starting from September 18.

And the Authority’s Board of Directors’ Decision No. (20) of 2019 was previously issued regarding the statute of the Egyptian Securities Union, and Article No. (44) of the system stipulated that the Authority would appoint a founding committee to take the necessary measures towards convening the first general assembly of the union to elect its first board of directors. And take the decisions required to activate the union and start its activities.

It is worth noting that the Board of Directors of the Authority has extended the term of the work of the founding committee of the union more than once so that companies working in the field of securities join the union, the latest of which was Board Resolution No. (32) for the year 2022 and granting the last 6 months ending on 9/18/2022.

The amendments that were made to the Capital Market Law promulgated by Law No. 17 of 2018 stipulated in Article No. (41 bis 9) the establishment of a union comprising companies working in the field of securities, called the “Egyptian Securities Federation”, with an independent legal personality that Contributing to the development of capital market activity, raising awareness of it, adopting initiatives that support the activity, and ensuring that the members of the Federation apply the Code of Ethics for the profession and the rules regulating the obligations and rights of members, and work on developing the skills of workers in the field of securities.

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