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Sunday, 20 November 2016

Chambers of Commerce files lawsuit against EGX decision to limit deal market transactions to banks

The securities division of the Federation of Egyptian Chambers of Commerce has filed suit with the Administrative Court calling for the reversal of the EGX’s decision to limit the execution of EGX deal market transactions valued at more than EGP 100K to CBE-approved banks. The court is now seeking the recommendation of the Egyptian Council of State (Maglis El Dowla) on the matter, said the division’s head Awni Abdel Aziz. The regulations were imposed by EGX Chairman Mohamed Omran in late May. As we noted back in July, the Investment Ministry was considering reversing the decision after heavy lobbying by the Egyptian Capital Markets Association. Deal market transactions fall under the EGX’s over-the-counter regulations which govern trading and transfer of the ownership of the companies not listed on EGX and for capital increases of listed companies not regulated by the Egyptian Financial Supervisory Authority (EFSA).

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