• Sherif Samy: specialization and experience of judges of the Economic Courts enhances Capital Markets in Egypt
• EFSA’s Chairman and the Assistant to the Minister of Justice inaugurate a specialized program for judges of the economic courts
Sherif Samy – EFSA’s Chairman confirmed that the economic courts play an important role in achieving a prompt justice in lawsuits and disputes related to the activities performed in the Capital Market, companies and financial Leasing and other activities that subjected to EFSA’s supervision. He added that in light of its specialization, the judges of the Economic Courts have accumulated experience that is required to resolve the economic issues that are governed by many technical aspects.
In his speech – on the occasion of the opening of a specialized program on Capital Market’s legislations for judges of the Economic Courts in the presence of Judge Ahmed Khairy, Assistant to the Minister of Justice for the specialized courts where a large number of judges attended the program for two days – EFSA’s Chairman noted that EFSA is guided by the provisions of the Economic Courts in preparing draft laws to amend Laws and its Executive Regulation that govern various financial activities. He added that discussing the legislative framework of the Capital Market is just beginning and it will be followed by other programs in mortgage finance, securitization and factoring, as well as movable guarantees.
Judge Ahmed Khairy, Assistant to the Minister of Justice emphasized that the judges are keen to be aware of the developments that occur in various economic legislations and discuss the technical considerations for each activity and he added that he welcomed the specialized programs organized by the Financial Services Institute (FSI) an affiliate of EFSA.
In his speech Counselor/ Reda Abdel Moaty- Deputy Chairman of the Authority introduced various legislations regulating the Capital Market at all levels, and referred to the jurisdiction of the Administrative Court to review appeals on EFSA’s decisions and that there is certain system which is set for submitting grievances against EFSA’s decisions.
Sherif Samy noted that EFSA is paying great attention to apply corporate governance rules and ensuring the commitment to the Egyptian Accounting and Auditing Standards and financial valuation standards, those standards that are considered as helping tools that enhance objectivity and transparency in the various financial markets.