The Financial Regulatory Authority, headed by Mohamed Farid, has issued Decision No. 118 of 2023 amending the Authority’s Board of Directors’ Decision No. 20 of 2019 regarding the Egyptian federation for securities and Resolution No. 119 of 2023 regarding extending the deadline for the founding committee of the Egyptian federation for securities to elect its board.
The decision stipulated that the deadline for the founding committee of the Egyptian federation for securities to hold the first general assembly of the federation for a period of three months, starting from 18 June 2023.
The Federation’s Board of Directors, according to the recent amendments to the articles of association, has 13 members representing all activities operating in the stock market, including 3 members representing the activity of brokerage in securities, 3 members representing the activity of managing funds, portfolios, direct investment, venture capital and the rest of the other activities, 2 representatives of the activity of participating in the establishment of companies (financial holding companies) and the activity of promoting and covering subscriptions in securities, 2 representatives of the activity of the central depository and registry of securities and custodians, one of whom is of the activity of the central depository and registry of securities, 3 independent members from experienced.
The new amendments made it possible for each category to vote and choose from among the candidates representing the category to which it belongs, instead of all members voting and choosing from among the candidates of all categories, while ensuring that women’s representation is achieved by two members.