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FRA wins the Most innovative Capital Markets Regulator in Africa

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• Dr. Omran: The award shows the attractiveness of the Egyptian capital market and its ability to innovate tools that enhance consumer protection
• Dr. Omran: The National Strategy for Non-banking Financial Services pushes the Authority to win the most innovative regulator in Africa for 2018

In an international recognition of the regulator’s role in supervising non-banking financial activities in Egypt, the Financial Regulatory Authority (FRA) won the “Most innovative Capital Markets Regulator ” in the African Stock Markets for 2018, presented by Africa Investor after a strong competition with a number of counterparts in African countries.

Dr. Mohammed Omran – FRA’s Chairman welcomed Africa Investor Award, which is the leading international investment organization in the African continent. Africa Investor (Ai) monitors the most important achievements of investors in capital markets, as well as the leading institutions in investment process including the national markets and regulatory bodies supervising these financial markets and the steps taken by these Bodies to improve investment climate in Africa’s capital markets.

 FRA’s Chairman emphasized that the reports confirm the intensity of competition among ten regulators in Africa to win the most innovative Capital Markets Regulator Award in the continent. And finally for the first time, FRA won the award during a ceremony held at the NASDAQ in New York. The ceremony was attended by a large number of international financial and investment institutions.

Dr. Omran expressed his appreciation to all parties operating in the Egyptian Capital Market, those parties which interacted positively with the Financial Regulatory Authority (FRA) to support the stability and growth witnessed by the Egyptian economy and the attractiveness of the Egyptian capital market, especially after the largest amendments to the Capital Market Law since more than 26 years.  He added that the said amendment include regulating the issuance of Sukuk and trading in Sukuk as a kind of securities being regulated by the IPO or private offering, in addition to reducing listing fees for companies, setting a maximum limit for listing fees of bonds and similar instruments and securities in order to encourage listing and trading in these securities on the stock exchange. Also, the new amendments allow Companies and entities to issue short-term debt instruments not exceeding two years by a decision of the Board of Directors of the Company authorized by the General Assembly.

FRA’s Chairman stressed on FRA’s commitment to achieve transparency and efficiency – was of great importance- to win the award through enhancing protection of minority shareholders in cases of tender offers or acquisitions or deliberately not implementing commitments to the rights of small shareholders, especially in cases of acquisition and mandatory tender offers. As well as taking many procedures and controls that protect the rights of shareholders, such as disclosure of bonuses received by members of the Board of Directors, and activating cumulative vote to allow proportional representation on companies’ Boards.

Dr. Omran emphasized that the development of a vision for the future of non-banking  financial services sector through the preparation of an ambitious national strategy for the four years 2018-2022 coincides with and complements the major economic measures  and reforms that took place and contributed to promoting the  role  of the non- banking  financial sector. He added that non-banking financial sector   is expected to achieve more achievements in the coming period and it is  a variable that has been closely monitored and relied on for the regulator’s efficiency  and his  ability to create an inclusive non-banking  financial system that  stimulate economic growth, improve financial inclusion and achieve sustainable development and improve competitiveness in the National economy and attractiveness of foreign investment which  is part of Egypt’s vision 2030.

Dr. Omran asserted that the Authority is moving rapidly – and with great enthusiasm – into employing smart technology applications in regulating daily transactions in non-banking financial markets and using techniques to analyze and handle large data to improve investor interaction and protection.  Also, he stated that FRA applies the best regulatory practices as in partnership with IFC to obtain technical support in developing the regulatory framework for green bonds – as a new financial instrument – that  attract many international entities  and financial institutions concerned with  monitoring significant financial investments to be directed  to green projects. In a step that is compatible with the strategy of the Financial Regulatory Authority for non-banking financial services for the next four years to develop new financial instruments within the Egyptian market especially that contribute to the preservation of the local environment in line with the global trend towards green financing in general.

It should be noted that Dr. Mohammed Omran was chosen as “Ai Capital Markets Personality of the Year” in Africa last year 2017, presented by Africa Investor. Also, Dr.  Mohammed Omran, was chosen to chair the meetings of the Capital Markets Consultative Group (CMCG) at the United Nations Headquarters in Geneva to discuss the role of regulatory bodies in supporting the UN goals of sustainable development and the Paris Climate Change Agreement with participation of representatives of regulatory bodies, Stock Exchanges and Investment Banks as well as many international financial institutions.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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