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After the Close of Nominations: Four Candidates will be Elected to Investor Protection Fund Board

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Dr. Mohamed Omran – EFSA’s Chairman announced that the Authority has received four Candidate Applications for Investor Protection Fund Board after the close of nominations on Thursday 19/10/2017.

He explained that all conditions of candidacy and election’s procedures were regulated by Chairman’s decision no. (742) of  2014 which was published on  both EFSA’s  website and the Fund’s websites  to select three representatives of companies working in the field of securities and custodians, including at least one non-brokerage company.

He added that in the next step, a committee will be formed by a decision issued by EFSA’s Chairman to examine the submitted candidacy applications to ensure that the member company and its candidate have met the required conditions and to exclude candidates who do not meeting the conditions within a period not exceeding five working days from the date of the deadline set for submitting candidacy applications. He added that two preliminary lists of candidates will be published on the websites of both the Fund and the Authority. One list will include brokerage companies and the other include members companies (non-brokerage companies)

He asserted that anyone who has been excluded from the list and any company have the right of appeal within a period of not more than two weeks after the announcement of the final lists of candidates.

It is worth mentioning that the Authority announced on its website from October this year that nomination process for Investor Protection Fund Board elections will be held during the period from Sunday 8 October to Thursday 19 October 2017.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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