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Monday, 13 January 2020

Central Depository Act gets preliminary nod from parliament

LEGISLATION WATCH- Central Depository Act gets preliminary nod from parliament: The House of Representatives has approved in principle the proposed Central Depository and Registration Act, according to Masrawy. The bill will now see further discussions in the house before heading for a final vote. The House Economic Committee had approved the bill in December and left the controversial Article 35 unchanged, despite committee members 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.

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