Aggregated News From Investment Management Regulators

Approving FRA?s proposal to amend Investor Protection Fund?s investment policy and allowing the Fund to purchase securities listed on the Egyptian Stock Exchange – Saturday 4/4/2020

Report/Flag

Please complete the required fields.



Dr. Omran: Allowing Investor Protection Fund (IPF) to purchase securities listed on the Egyptian Stock Exchange not to exceed (10%) of its funds

Dr. Mohammed Omran, FRA’s Chairman welcomed Ministerial Decree  No. (792) of 2020 on reorganizing Investor Protection Fund (IPF) in a manner that allows the Fund – after the approval of the Authority –  to purchase securities listed on the Egyptian Stock Exchange not to exceed (10%) of its funds , increase its ownership in Misr Al Mostakbal Fund Management Co. or to purchase new certificates. This comes within the context of finding mechanisms to maintain the stability of the Egyptian capital market and to reduce the economic impact resulted from the Coronavirus pandemic.

Dr. Omran said that FRA’s Board of Directors initiated the introduction of mechanisms to maintain the stability of the Egyptian capital market to reduce the economic impacts faced by non-banking financial activities arising from the Corona virus pandemic. FRA’s BOD agreed to amend Article 18 of  ministerial decree No. (2339) of 2020 regarding the re-organizing the Investor Protection Fund – in a manner that allows the fund and after the approval of the Authority to purchase securities listed on the Egyptian Stock Exchange not to exceed (10%) of its funds , increase its ownership in Misr Al Mostakbal Fund Management Co. or to purchase new certificates. In this respect, the Fund’s BOD shall put the procedures and the executive regulations needed in this regard and it shall be only valid after obtaining FRA’s approval.

It is worth mentioning that in October last year, the Ministerial Decree No. (2339) of 2020 was issued to re-organize the Investor Protection Fund where Article 18 of the Decree defined aspects of investing funds of the (IPF) and what is prohibited to do or invest in.

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

See the Press Release published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

RichmondSuper

Attention! The FMA warns investors against concluding transactions with: RichmondSuper https://www.richmondsuper.com (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China www.hardson.com This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Get the latest from Regulatory.News in your inbox!

×