Egypt gets its first federation for securities
Egypt gets its first federation for securities: The Financial Regulatory Authority (FRA) has approved the bylaws establishing Egypt’s first federation for securities, according to a statement. The FRA will publish in the coming period the bylaws in the official Gazette, and then set up a committee of at least five industry representatives to act as founders. Any company licensed by the authority will automatically gain membership in the body, which will be the first to receive and attempt to resolve complaints brought by its members’ clients.
How is the new federation different from ECMA? The Egyptian Capital Markets Association (ECMA) is an organization whose main role is to represent all capital markets participants. It’s similarly focused on the capital, but is first and foremost a representation organization. The new body has little to do with representation, and more with improving standards and promoting accountability in the sector. It will function as a union of non-banking financial services that have acknowledged the FRA as their central governing authority.