REGULATION WATCH- New IPO regulations from FRA compel share buybacks of stocks that underperform in their EGX debuts: The lead managers of initial public offerings will be required to use an “online display” accessible only to them and the Financial Regulatory Authority (FRA) to track orders during the book-building phase of any transaction, according to new FRA guidelines. The changes will allow investors to call on the issuing company to buy back the stock if the IPO tanks at its debut. Companies proceeding with IPOs or secondary offerings will also be required to clearly specify in the written contracts and the prospectus whether the share price was fixed at the outset of the transaction or left until the book building process. The move is the latest fallout from the regulator’s claim that Beltone Financial’s investment banking arm used a flawed pricing and book building process for an IPO last fall. Beltone’s IPO unit was suspended for six months in the aftermath; the suspension was lifted in February after the two sides reached a settlement.