Dr. Mohammed Omran – FRA’s Chairman issued a procedural decision to form a Founding Committee to elect the first board of the Egyptian Securities Federation under the chairmanship of Mr. Sulaiman Nazmi and the membership of four representatives of companies licensed to carry out securities activity or subjected to the provisions of Central Depository and Registry Law .
FRA’s Chairman stated that the said decision defined the functions of the Founding Committee in taking the necessary procedures upon joining the companies licensed by the Authority to practice one of activities related to the field of securities and subjected to the provisions of the Capital Market Law and the Central Depository and Registry Law. The committee shall follow the procedures for convening the first General Assembly of the Federation to elect the Board of Directors and this shall be within a period not exceeding six months from the date of the issuance of decision no. (375) of 2019.
Dr. Omran added that the founding committee shall collect fees for joining the Federation and consider the ratification of the income and expenditure account and the auditor’s report on this period. Also, the committee shall take all necessary measures to activate the Federation.
The Committee shall meet at the invitation of its Chairman. The meeting of the Committee shall be valid only in the presence of a majority of the members. In addition, decisions of the committee shall be issued by a majority of its members. Moreover, the Committee shall present a comprehensive report on all its actions and its expenses. The said report shall be submitted to the Federation’s general assembly.
Dr. Omran revealed that the founding committee includes in its membership Mr. Awni Abdel Aziz, Mr. Alaa Saba, Dr. Essam Khalifa and Ms. Neveen Al-Taheri.
It is worth mentioning that by the end of February, FRA’s BOD issued decision no. (20) of 2019 regarding the statute of the Egyptian Securities Federation. For the first time in the history of the Egyptian Capital Market, a self-regulated professional entity that include parties engaged in capital market was established and it will define the obligations and rights of its members.