ETFs To Come Into Effect Very Soon In Egypt: FSA Chief

The Egyptian financial regulator (FSA) is confirming its plans to continue reviewing the final framework in order to activate the exchange-traded funds (ETFs) in the Egyptian market, the Chief said on Monday.

Dr. Ashraf El-Sharkawy, Chairman of the Egyptian Financial Supervisory Authority (EFSA), further noted that the timing to launch the ETFs in the Egyptian market is eminently suitable.

The ETFs launch will be within the coming period after the completion of the final tests and receiving confirmation from the Misr for Central Clearing, Depository and Registry (MCDR) and the Egyptian Exchange (EGX) management, El-Sharkawy added.

Moreover, the EFSA chairman has ruled out that the current unstable political situation delayed the launch of the ETFs in the Egyptian market.

It is worth noting that Beltone Financial (BTFH.CA) is the first firm to have launched the draft ETF prospectus.