EGX: New Regulations for Unlisted Centrally Deposited Shares on April 10

Big 5

Egypt’s stock market announced on Thursday it will apply new regulations for the unlisted centrally deposited shares by April 10th.

In a statement released today, the Egyptian Exchange (EGX) issued executive regulation no. 129 for year 2014 for the regulations and procedures of the Deals Market for the unlisted centrally deposited shares.

In this respect, Dr. Mohamed Omran, EGX Chairman stated that the new regulations oblige the brokerage firms to electronically notify the stock exchange about the operations to be carried out the unlisted centrally deposited shares and through e-mail.

“The brokerage firms should provide the company’s ISIN code, where EGX related committee should be only notified of the transactions of value EGP 20 million or more.” The top official noted.

Omran added that the new regulations that will save time and effort will be applied starting of April 10, 2014. These rules also stress on  the brokerage firms to verify all the documents of ownership of the unlisted centrally deposited shares; in addition to, preparing file of all such deals to be submitted to EGX anytime it is requested.

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