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Wednesday, 10 October 2018

All listed companies will have to kick in to fund investor protection fund

** #9 EXCLUSIVE- All listed companies will have to kick in to fund investor protection fund: Legislation now on the drawing board would make it mandatory for all listed companies to pay annually into the Egyptian Investor Protection Fund (EIPF), Financial Regulatory Authority (FRA) deputy head Khaled El Nashar told Enterprise. We had reported yesterday that the FRA has completed amendments to the law governing the EIPF and sent them over to the Madbouly Cabinet for review. The amendments are expected to expand the scope of the EIPF’s coverage to cover stock market losses resulting from fraud.

In other legislative news, a law to govern franchising is said to be in the works and could be presented to the House of Representatives soon, AmCham and Egyptian Franchise Development Association (EFDA) President Tarek Tawfik tells Amwal Al Ghad. The law, which was drafted by the Trade and Industry Ministry with input from the EFDA, is expected to regulate the relationship between franchisors and brands, facilitate registration procedures, and include provisions to ensure transparency. No further details were provided.

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