Central Depository Act gets committee-level approval at Egypt’s parliament
LEGISLATION WATCH- Central Depository Act gets committee-level nod at parliament: The House Economic Committee has approved the proposed Central Depository and Registration Act, according to Al Mal. The bill will now be referred to the House general assembly for plenary discussion “soon,” the newspaper says. The committee appears to have left unchanged the bill’s controversial Article 35, despite committee members previously voicing concerns that it could have a negative impact on the securities market. Under the article, the Financial Regulatory Authority would determine the ownership structure of companies licensed to provide clearing and depository services, set the conditions for board formation, and determine the minimum amounts of issued and paid-in capital, among other things. The committee had informally agreed to amend the article last month.