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FRA announces the activation of Article 6 of the Capital Market Law regarding providing the Authority with the company’s annual financial statements one month prior to the date set for the Ordinary General Assembly

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Within the framework of FRA’s role stated in Law no. (10) of 2009 on Regulating Non-banking Financial Markets and Instruments,
 And in light of Article 6 of Capital Market Law no. 95 of 1992 regarding the requirements and rules that companies shall abide by upon public subscription,
With reference to the text of Article (35) of FRA’s Board of Directors decision no. (92) of 2018 dated 10/6/2018 which was  issued to amend  Board’s decision no. (11) of 2014 on listing and delisting rules  which stated that ” Any listed  company  shall notify the Authority of the annual financial statements and the auditor’s report one month prior to the date set for the general assembly of the company. The Authority shall examine the documents referred to and notify the company of its observations – if there is any- . Thus, the company shall review the documents referred to in accordance with the results of the examination. If the company does not respond, then it shall be committed to publish the financial statements accompanied by the auditor’s report and attach them with FRA’s observations and the requested amendments besides it shall bear the said publishing expenses. ”

Based on the above, it is necessary to provide the Authority with the annual financial statements of the company accompanied by the auditor’s report one month prior to the date of the ordinary general assembly in accordance with the provisions of Article 6 of the Capital Market Law and the Board’s decision.

The Authority asserts that if   the company does not abide by the said rules, this shall be a violation to the provisions of the Capital Market Law, its Executive Regulations and the decisions issued in this regard and it shall be subjected to the legal consequences of the said law.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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