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FRA?s Board of Directors amends conditions of continuity for members of the boards of directors of the listed companies and companies engaged in non-banking financial activities

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Yesterday, 28/5/2018 FRA’s BOD issued a decision that obliges the listed companies and companies engaged  in non-banking financial activities not to include in its Board any member who has been convicted of a dishonorable felony or misdemeanor or any of the laws regulating non-banking  financial activities or of repeated charges of committing serious violations to the Capital Market Law during the last three years.

The decision also requires the companies to address their immediate disclosure upon the occurrence of any of the previous cases and replacement of a member by another within the period specified by the Authority. In addition, the listed companies shall disclose this on the Stock Exchange’s trading screens.

This would entail an amendment to the provisions of Article 8 of listing rules by adding these conditions and a decision shall be issued regarding the companies engaged in non-banking financial activities.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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