Aggregated News From Investment Management Regulators

FRA?s largest conference hall named after Dr. Ashraf Elsharkawy in honor of his memory – Monday 23/12/2019

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On the sidelines of FRA’s  BOD meeting , Dr. Mohammed Omran – FRA’s  Chairman announced that FRA’s largest conference hall was named after Dr. Ashraf Elsharkawy in honor of his memory and in appreciation of his efforts in a critical period in Egypt’s history and to commemorate his contributions. As Dr. Ashraf Elsharkawy witnessed the establishment of many regulatory rules and listing and delisting rules on the Egyptian Exchange. Dr. El-sharkawy participated in updating the regulatory rules for both offering and IPOs prospectus, whether for private or public offering, disclosure rules for investment funds, rules for issuing bonds in batches and  rules set for issuing bonds by legal entities other than companies.

Dr. Omran said that the late had courageously faced the crisis of  suspending trading operations in the Stock Market which extended for up to fifty-five consecutive days in the wake of the January 25 Revolution. Then, Dr. Elsharakwy sought to return trading again to the Capital Market in accordance with a number of precautionary measures to ensure smooth trading in the Stock Exchange and to protect the market and investors from the occurrence of any unwanted vibrations that would negatively affect them.

FRA’s Chairman noted that Dr. Elsharkawy also sought to complete requirements of FRA’s membership in the International Organization of Securities Commissions (IOSCO). He added that according to this step, Egypt was able to take its international position quickly, won a seat in the IOSCO’s board and maintained its membership for three consecutive sessions.

FRA’s Chairman emphasized that the late Dr. El-Sharkawy had supported and promoted the Egyptian insurance companies to pay compensation for policy holders that exceeded 5 billion pounds during three years in the wake of the January revolution as a result of events that affected the Egyptian street. He added that without Dr. El-Sharkawy’s efforts, the insurance activity would have declined greatly and would have lost much of its credibility.

Dr. Omran asserts that FRA’s BOD appreciate naming FRA’s largest conference hall after Dr. Ashraf Elsharkawy in honor of his memory, emphasizing that this is a symbolic expression of the employees’ loyalty and shows their appreciation and respect.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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