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Wednesday, 5 July 2017

EFSA to draft new exec regs for Capital Markets Act once it passes the House

EFSA to draft new regs for Capital Markets Act once it passes the House: The Egyptian Financial Supervisory Authority (EFSA) will be drafting new executive regulations for the amended Capital Markets Act once the House of Representatives signs off on the bill, EFSA boss Sherif Samy said on Tuesday, according to Al Borsa. The Sherif Ismail cabinet had approved the amendments, which are currently before the House, and sent them to the Council of State for review in late May. Among other things the amended bill is expected to modify the regulations governing private placement, cover the issuance of sukuks, and give the EGX flexibility to set lower listing fees to attract smaller companies.

The EFSA is also waiting on the cabinet to approve the Leasing and Factoring Actso it can be sent to the House to be reviewed and issued, Samy added. The act is expected to include new clauses to regulate SME financing.

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