Dr. Mohammed Omran – FRA’s Chairman issued decision No.??? of ???? on extending the period of the founding committee of the Egyptian Securities Federation for six months starting from 18 September until holding the Federation’s first General Assembly.
The amendments to the Capital Market Law promulgated by Law No. 17 of 2018 stipulate the establishment of a Federation that includes companies operating in the field of securities called the Egyptian Federation for Securities. The Federation enjoys an independent legal personality that contributes to the development of capital market, raises awareness and adopts initiatives supporting the activity. In addition, the said amendments state that Federation’s members shall apply the code of ethics and the rules governing the obligations and rights of the members. Besides, developing the skills of those operating in the field of securities.
The Federation’s Board includes several categories and it is as follows: two representative of securities brokerage activity, 2 representative of asset management, direct investment and venture capital activity and a representative of IPO activity. In addition to, a representative of the central depository and registry activity, custodians and 3 independent experts. It is worth mentioning that upon selecting Board members, the proportional representation of the categories referred to in the aforementioned items shall be taken into consideration.