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Wednesday, 27 December 2017

Capital Markets Act amendments to move to plenary session soon -Nasr

LEGISLATION WATCH- The House of Representatives’ Economics Committee is expected to finalize its review of the amended Capital Markets Act “soon” and pass it along for a plenary session vote, Investment and International Cooperation Minister Sahar Nasr said yesterday, according to Al Mal. The amended act is expected to bring a basket of new financial instruments to the market, including futures trading and a commodities exchange, in addition to introducing penalties for financial crimes and new rules governing taxes for the sector.

Also yesterday, the House Economics and Industry committees agreed on extending the deadline for importers to comply with amendments to the Importers Registry Act until the end of June 2018, Al Borsa reports. The deadline had been set for end of December this year. The General Authority for Export and Import Control had agreed in November to grant importers temporary licenses until they were able to fulfill the new requirements, which increase the minimum required capital for importers.

Elsewhere in the House, the Tourism Committee gave a preliminary nod yesterday to amendments to the Civil Aviation Law, while the general assembly signed off on a EUR 225 mn loan agreement with German development bank KfW that Egypt had signed last October. The facility is meant to support economic and social reforms and will be repaid over nine years at an annual interest rate of 2.88%, according to deputy head of the House Planning and Budgeting Committee, Yasser Omar.

Also on the agenda, MPs at the Housing Committee are planning to begin deliberating on a new Social Housing Act “within days,” according to Al Masry Al Youm.

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