• Sherif Samy: Specialization and experience of the Economic Courts’ judges enhance the financial markets in Egypt
• The second training program for judges of the Economic Courts which was organized by EFSA was ended
Sherif Samy – EFSA’s Chairman asserted that the Economic Courts play an important role in achieving the aim of speedy justice in the cases and disputes that they consider in capital market, companies, financial leasing and other activities under EFSA’s supervision. He added that due to the court’s specializations, judges of the economic courts have the required experience to resolve economic cases governed by many technical aspects.
The program dealt with the capital market’s legislations in the presence of counselor Ahmed Khairy – Assistant Minister of Justice for Specialized Courts. The program lasted for two days with participation of a large number of judges. On the occasion of the end of the second specialized program organized by the Financial Services Institute (FSI), EFSA’s Chairman noted that due to the importance of the topics addressed, three of EFSA’s Chairmen provided lectures and practical cases in the program, namely Dr. Ziad Bahaa Eldeen, former Deputy Prime Minister and former Chairman of the Authority and Abdulhamid Ibrahim, former Chairman of the Capital Market Authority and Khalid Seri Siam, former President of the Stock Exchange and former Vice Chairman of the Authority.
Counselor Ahmed Khairy – Assistant Minister of Justice for Specialized Courts stressed that judges are keen on being aware of the new updates occurred in various economic legislations and discussing technical considerations for each activity. Also, he welcomed the specialized programs organized for judges by the Financial Services Institute an affiliate of EFSA.
In his speech, Consultant / Reda Abdel Moaty – Deputy Chairman presented various legislations governing the capital market at various levels. He referred to the jurisdiction of the Administrative Court to hear appeals against EFSA’s decisions and the system set for grievances against its decisions.
Sherif Samy pointed out that EFSA pays great attention to corporate governance rules and following -up the abidance to the Egyptian Accounting and Auditing Standards and financial valuation and real estate evaluation standard . He added that these standard are considered as useful tools to achieve objectivity and transparency in various financial markets.
Also, part of the program was devoted to the presentation of practical cases related to violations of Capital Market Law and other studies and investigations presented by Dr. Maher Salah Eldeen , Head of Central Department for Supervision of the Capital Market working companies, and Salah Shehata, Head of Central Dep. for Enforcement .
The agenda of the two-day session included various topics such as the legal framework of the capital market, security’s life cycle, the nature of some trading methods such as intraday trading, margin trading, securitization, the role of companies operating in financial markets, the legal and real development of the most important Stock Market manipulation, privacy in criminal proceedings upon facing such manipulations, capital market disputes and other related topics.
It is worth mentioning that the training programs held for judges of the Economic Courts was organized in mid-March.