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Monday, 14 May 2018

Brokerages can keep electronic five-year client records

Financial Regulatory Authority (FRA) Vice Chairman Khaled El Nashar appears to have promised brokerages that it will allow them to hold electronic records of customer transactions over five years after closing a client’s account, according to Al Mal. The pledge came in response to pleas by the securities division of the Federation of Egyptian Chambers of Commerce that FRA amend the executive regulations of the Capital Markets that force them to keep paper records for client transactions for a period of five years after an account is closed — an expensive burden on brokerages. El Nashar had said that the final draft of the regs would be ready last week. Among the stuff we’re expecting to see included in the regs are procedures for the issuance of sukuks. Less clear is whether the FRA will introduce rules on short-selling or short-term bonds.

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