Egypt sets up registry for institutions carrying out financial assessment

Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran approved launching a registry for listing companies and institutions licensed to carry out financial assessment works and prepare studies to determine the fair value of stocks and shares.

He added that the registry  has been approved  after the consent of the authority’s board.

In a statement on Thursday, Omran said the decision was meant to protect investors and reflect the authority’s keenness on full disclosure of the fair value of securities in all cases in line with the capital market law, including issuing new stocks and listing securities.

He said the authority organizes as of today a series of discussion panels on the registry’s regulations.

The registration period will be three years and can be renewed for the same period if the institution continues abiding by the registry’s rules.

The authority’s board can also cancel the registration of any institution if proved to be breaking the set rules after giving it six months to adjust its conditions.