Dr. Mohamed Farid Saleh, Chairman of the Board of Directors of the Financial Supervisory Authority, revealed that the Board of Directors of the Authority approved 3 amendments to the rules of listing in the Egyptian Stock Exchange, which is first to allow registration on the Stock Exchange before registration with the Authority, adding that the purpose of this amendment is to enable companies to register, and to comply with all Offering requirements, and then registering with the Authority for offering in the capital market.
This came during a press conference held this morning, Tuesday, at the headquarters of the Financial Supervisory Authority in the Smart Village, to present the authority’s vision to advance non-banking financial services to support the national economy, in the presence of the two Vice-Presidents of the Authority, Ahmed Abdel Rahman, Dr. Heba Al-Serafy, and a number of the authority’s leaders.
Farid added that the second amendment in the listing rules is to allow the registration of all government securities, including debt securities, at the Ministry of Finance in coordination with the Misr Central Clearing, Depository and Registry Company, which will handle the settlement of securities issued by the state, in line with the government’s intention to issue sukuk Sovereignty to finance projects, third, allowing companies to be written off from the Egyptian Stock Exchange, at any stages of their liquidation.
The Chairman of the Financial Supervision stated that the Board of Directors of the Authority also approved the amendment of Resolution No. 61 of 2021, which is concerned with regulating the practice of the brokerage company in securities and custodians for the operations of purchasing securities on margin. The creditworthiness of the investor who wants to invest on margin. The amendment also allowed the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange to protect investors in the event of concentrations on specific securities or at the level of groups associated with reducing the guarantee ratio or excluding the security from the margin list.
Dr. Mohamed Farid Saleh said that the authority will work during the coming period to establish a settlement company in future contracts and options to modernize the financial derivatives market to make it available to investors, and establish a company to settle contracts in cooperation with the Misr Clearing Company.