Financial Regulatory Authority
The approval was granted in accordance with the decision of the FRA's Board of Directors No. 53 of 2018 and its amendments, as well as the decision of the specialized committee of the FRA dated August 6 of this year.
The FRA issued all regulatory and legislative decisions and controls to regulate the dealings of investment funds in minerals.
Exits MENA is now authorized to offer listing and public offering services to its clients on the Egyptian Stock Exchange (EGX) and the SME platform, Nile Stock Exchange (NILEX) under law no. 95 of 1992.
FRA gave its approval to Evolve Azimut to launch the first gold investment fund in Egypt, it will be run by Azimut Egypt, while Catalyst Partners will be in charge of pricing the fund’s investment document.
FRA head, Mohamed Farid, has announced that the authority’s board of directors has issued two new decisions regarding investment funds dealing in minerals as one of the transferred financial values
This came after reviewing the law of joint stock companies, partnerships limited by shares, limited liability companies, and one-person companies promulgated by Law No. 159 of 1981 and its executive regulations, according to the FRA.
Pachin shares rose by 4.3 percent, to LE 32.32, in the middle of Sunday's trading, after the approval to publish the purchase offer announcement.
It is an open investment fund, the documents of which are offered through public subscription, according to the announced data.
The amendments included the possibility of temporarily listing the shares of Egyptian and foreign companies on the stock exchange’s lists before registering with the authority, instead of prior registration.
The delegation also discussed a plan to develop the performance of the non-bank financial sector, especially the Egyptian Stock Exchange, to advance it in a manner befitting the new republic.
The issuance of the new license adds a new dimension to the existing financing mechanisms in the local market in terms of his creation of the “Wakala Investment” formula.
The decision stipulated the formation of the authority’s board of directors, which includes Islam Abdel Azim Azzam, as Vice Chairman of the Board of Directors, and Ahmed Abdel Rahman Al Sheikh, as Vice Chairman of the Board of Directors.
According to FRA’s statement, Mohamed Farid Saleh has been appointed as the Chairman of the Egyptian Stock Exchange since August 2017, according to Prime Minister Decision No. 1759/2017.
The total amount of securitized bonds, which have been issued since the beginning of 2022 and after the approval of the NUCA's request, will reach LE 30 billion and it will be the biggest issuance of its kind in the Egyptian capital market.
Hisham Ramadan urged during his speech the non-banking financial sector to prioritize integrating the Women’s Empowerment Principles (WEPs) into their strategies, and to check the new global trends that highlight the importance of compatibility with sustainability and compliance standards related to Environmental, Social and Governance (ESG) disclosures.
Speaking at a press conference, FRA Chairman Mohamed Farid said the strategy is based on six main axes related to the non-banking financial sector.
The fair value report for the purpose of increasing the capital does not comply with the financial evaluation criteria for facilities.
The first article of the decision, which was published in the Egyptian Gazette in its issue No. 81 of 2022, on Wednesday, stipulates that a new article No. 9 shall be added to the rules and procedures for dealing on securities not listed in the Egyptian Stock Exchange.
On January 12, the EGX’s Securities Listing Committee agreed to list the shares of Macro Group for Pharmaceuticals (Macro Capital) on the main market.
Omran clarified that there are consultations that the insurance policy for Egyptians working abroad will become compulsory in the new law.
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