Misr Clearing start board nomination procedures on Sunday

Misr for Central Clearing, Depository and Registry (MCDR) will be starting the board member nomination process for a three-year term from 2021 to 2024 on Sunday

The company said that nomination documents will be received starting from Sunday, and will continue until 28 April.

It noted that candidates must meet the criteria and conditions stipulated in the relevant laws and decisions, particularly those set out by the Financial Regulatory Authority’s (FRA) Board of Directors’ Decision No 96 of 2014.

This relates to the rules and criteria for board presidency and membership candidacy.

MCDR added the application requires that papers and documents be provided with candidates’ biographical data.

MCDR carries out the activity of clearing and settling transactions that take place on securities in the stock exchange.

It applies the central possession system of securities, and is also responsible for completing the transfers of ownership for buying and selling operations that take place in the Egyptian Exchange (EGX). This is due to the transfer of ownership of securities being made on the basis of delivery versus payment (DVP).