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Tuesday, 16 April 2019

Govt, CBE mulling legislative amendment for clearing companies rules

Gov’t, CBE mulling changes to rules on clearing companies: The Central Bank of Egypt, the Finance Ministry, and Misr for Central Clearing, Depository and Registry (MCDR) are considering raising the ceiling for shareholders’ stakes in a clearing and depository company above the current 5% maximum, unnamed sources said, according to Al Mal. The move would require the introduction of amendments to the law regulating the establishment of these companies. The three parties, which are in talks to establish a new clearing company that will handle all government debt issuances, are reviewing all regulations to get the company up and starting in 2H1019.

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