Aggregated News From Investment Management Regulators

Egypt

Extending the deadline set for submitting the financial statements of listed companies and companies under FRA?s supervision for a month

In line with the precautionary measures taken by the Egyptian state and in order to facilitate those operating in the non-banking financial activities, Dr. Omran announces that FRA’s  BOD decides to extend the deadline set for submitting the financial statements of listed companies and companies under FRA’s supervision for the period ended 31 March 2021 until 15 June 2021. FRA’s Chairman stated that decision no.67 of 2021 issued on 6 May 2021 shall be published in the Egyptian Gazette and on the website of Authority and the Egyptian Exchange. The decision shall enter into force on the day following its...

FRA Deputy Chairman discusses ways to develop MSMEs finance

Dr. Islam Azzam – FRA Deputy Chairman held an online meeting with members of the Advisory Committee and the Board of Directors of MSMEs Finance Federation. The meeting discussed ways to overcome obstacles facing MSMEs finance and presented proposals to develop the activity. This comes in light of the importance of these enterprises for the Egyptian state and the fact that 3.1 million citizens benefiting from it. Supporting such enterprises financially is in line with the goals of economic development and social justice in accordance with Egypt Vision 2030. This meeting comes within the context of the periodic meetings...

The Regional Center for Sustainable Finance (RCSF) signs Nairobi Declaration on Sustainable Insurance

• In the last three years, Egyptian insurance companies invested more than 110 billion EGP supporting transition to low-carbon economy • The Regional Center for Sustainable Finance bears the responsibility of building the capacity of companies operating in the non-banking financial sector towards achieving sustainable development goals (SDGs). Sina Habous - Executive Director of the Regional Center for Sustainable Finance - affiliated to the Financial Regulatory Authority - signed the Nairobi Declaration on sustainable insurance as a founding party of the agreement during the fourth round of the African conference. The conference was held under the auspices of the UNEP FI...

Investor Protection Fund announces calling candidature for board members elections

Investor Protection Fund announces the opening of candidacy for representatives of brokerage companies and listed companies for the next session in accordance with ministerial decree No. 2339 of 2019.  Candidates shall meet the conditions mentioned in FRA’s BOD decision No. 41 of 2021 and its amendments. Candidacy applications and needed documents shall be submitted at the headquarters of Investor Protection Fund (70 El-Gomhouria St. - Cairo) during official working days starting from Sunday 25/4/2021 until Sunday 5/2 / 2021. * The competent committee shall verify the fulfillment of the conditions and announce lists of candidates in accordance with FRA’s BOD Decision...

For the third year in a row: FRA publishes Sustainability Report 2020

• Dr. Omran: The report tackles the initiatives that contain the economic consequences of the COVID-19 pandemic • Dr. Omran: The third edition of the annual report clarifies that 2020 is the year of "sustainability and women" For the third year in a row, FRA publishes Sustainability Report 2020. The report emphasizes that sustainable development occupies a prominent place in FRA’s comprehensive strategy for developing the non-banking financial sector. In this respect, FRA is developing new regulatory rules to include climate change and environmental, social, and governance (ESG) reports to be among disclosure requirements in the non-banking financial sector. Such...

FRA sets new controls to increase market depth and mitigate risks of margin trading

• Dr. Azzam: FRA grants a regularization period that ends by the beginning of 2022 to apply the new margin trading controls Dr. Islam Azzam, FRA Deputy Chairman announces that the Authority intends to grant brokerage companies a regularization period that ends by the beginning of 2022 to apply the new margin trading controls Dr. Azzam says that the new regulations aims at increasing the depth of buying on margin at the Egyptian Stock Exchange through enhancing the benefit of a larger base of dealers and reducing concentration risk. In this respect, this will minimize the risks arising from buying on...

FRA allocates 10% of private placement bonds for subscription without minimum limits to stimulate trading in the secondary bond market

Dr. Islam Azzam – FRA Deputy Chairman reveals that FRA Chairman issues decision no. (57) of 2021 on amending the controls and procedures of the public and private offering , after gaining  the approval of FRA board. The said decision stipulates that a new clause shall be added to amend the subscription rules for individuals and financial institutions. It requires allocating a percentage of not less than 10% of the total offered bonds to be subscribed without being bound by any minimum limits.  Then, private placement bonds shall be split into two tranches. Dr. Azzam emphasizes that the amendment aims...

FRA issues a package of executive decisions: FRA sets controls on the Board formation of Central Depository and Registry Companies

• Dr. Omran: Amending the stature regulation of the Investor Protection Fund to cover the shareholders who own free shares and financial instruments listed at the Stock Exchange   After the approval of FRA’s Board, Dr. Omran issued three executive decisions setting the rules of  Board formation and election of board members of the three central depository and registry companies. The three decisions included:  Central Securities Depository and Registry Company (decision no. (38) of 2021) , Futures Clearing Corporation  (decision no. (39) of 2021), and Government Securities Clearing Corporation (decision no. (40) of 2021). Dr. Omran said that the issued decisions took...

Distribution of 25 million pounds from the surplus of Takaful insurance for charitable purposes, bringing the total donation to 100 million pounds

Dr. Mohamed Omran - FRA’s Chairman participated in the meeting of a committee formed under the chairmanship of his deputy, Counselor Reda Abdel Moaty to set up methods of Takaful surplus distribution. The committee includes in its membership the assigned members of 10 Takaful insurance companies, along with a representative of the Sharia supervisory committee. Dr. Omran announced that during the committee’s meeting held by the end of this month, the majority of members agreed that the Egyptian Company for Takaful Insurance (Mumtalakat) would donate 16.2 million pounds. This amount was distributed as follows: EGP 4.9 million for Al-Hussein University...

FRA calls for a community dialogue with listed companies and companies operating in non-banking financial sector to disclose ESG policies and practices

• Omran: The proposed disclosure reports applied in two phases, the first ending in December 2022 and includes Environmental, social, and governance (ESG) criteria and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Dr. Mohamed Omran – FRA Chairman called on the advisory committees formed at the authority and the unions operating in the fields of non-banking financial activities to conduct a community dialogue with their members  and listed companies to seek their views on the proposed rules for preparing environmental, social and governance (ESG) disclosure reports. Then, a decision shall be issued by FRA to provide these disclosures...

The initiative of the Egyptian Institute of Directors (EIOD) to boost the representation of women on corporate Boards

• Dr. Omran: 71 corporate governance training programs were held in 2020 with the participation of 1,128 trainees despite the Coronavirus pandemic Yesterday, the Board of Trustees of the Egyptian Institute of Directors (EIOD) chaired by Dr. Mohamed Omran, Chairman of the Board of Trustees approved the EIOD’s initiative to support women and grant female applicants a 50% discount on “Certified Board Member Certificate”. Dr. Omran says that this initiative comes within the framework of the efforts of the Egyptian Institute of Directors (EIoD) affiliate of the Financial Regulatory Authority (FRA) to empower women and enhance their role in the national...

FRA allows funds management companies to manage margin purchases funding

Within the framework of maintaining the safety and stability of non-banking financial markets, Dr. Mohamed Omran - FRA’s Chairman issued executive decision No. (46) of 2021 allowing funds management  companies to manage margin purchases funding. The said decision aims at maximizing the efficiency of the capital market and achieving transparency that is after gaining the approval of FRA’s board in its virtual meeting - via the Zoom app - this morning. Dr. Omran emphasizes that investment manager shall contract with securities brokerage companies that have obtained FRA’s approval to be engaged in purchasing on margin.  The contract shall define the...

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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