• Dr. Omran: The decision aims to expand the umbrella of shareholders protection
Dr. Mohammed Omran- FRA’s Chairman stated that the Authority’s Board of Directors has issued a decision to amend some provisions of listing and delisting rules by adding the rules stipulated in Article 6 of Law No. 95 of 1992, which obligates each listed company to notify the Authority of the annual financial statements and the auditor’s report one month prior to the date set for the company’s general assembly and the Authority shall examine the documents referred to. Then, it shall inform the Company of its observations (if any) and ask the company to review the said documents in accordance with the results of the examination.
If the company does not respond, therefore, when publishing the financial statements and the auditor’s report, it is obliged to enclose with them FRA’s observations and the requested amendments and the company shall bear publishing expenses. This comes in the light of FRA’s regulatory role in respect of the listed companies and the expansion of the umbrella of shareholders protection.