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FRA’s Board of Directors has agreed to activate short selling mechanism

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• Three persons were excluded from the list of candidates for the chairmanship and membership of  MCDR  Board of Directors

In its session dated Monday 28/5/2018, FRA’s Board of Directors approved the proposal submitted by the Capital Market Advisory Committee to activate short selling mechanism.

The approval of the Board of Directors to amend the provisions of Articles 298-289 of the Executive Regulations of the Capital Market Law which allows brokerage companies to start short selling mechanism comes together with setting some controls that companies must comply with upon practicing this activity so that the system shall be decentralized in accordance with international best practices and norms.

The Capital Market Advisory Committee held several meetings in which it discussed the proposal of short selling mechanism and how to apply it in the Egyptian market. Also, the committee recommended some amendments to the provisions of the Executive Regulations of the Capital Market Law, allowing brokerage companies to act as intermediaries in lending securities to their clients rather than being concentrated in MCDR.

On the other hand, FRA’s Board approved the list of candidates headed by the chairmanship and membership of MCDR Board of Directors. FRA’ Board approved all the papers of the candidates being sent by the MCDR, except for Sameh Al-Azab, Mohammed Fathallah and Sherif Abdul Khaleq Hishmat.

The Board also obliged HC Holding and Ousol Holding to pledge not to combine any of its representatives at the Stock Exchange and MCDR.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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