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Thursday, 19 March 2020

Market regulator extends the financial statement submissions deadline to the end of April

REGULATION WATCH- Regulator extends financial statement submission deadline, allows trading via email, text: The Financial Regulatory Authority (FRA) decided yesterday to extend the deadline for EGX-listed companies to submit their financial statements for 4Q2019 to 30 April, according to an official statement (pdf). The deadline to disclose 1Q2020 financials has been extended to 15 June.

Trading in the time of covid-19: The authority is now allowing brokerages to receive buy and sell orders via email or texting apps as long as the order bears the approved signature of clients and the approval of the customer, an official statement reads.

The FRA is also giving EGX-listed companies the option to hold general assembly meetings online, provided they have an effective online system in place. The decision comes as companies are increasingly shifting to remote working and social distancing to curb the spread of the virus. We’ve been told that official custodian MCDR is developing the official voting system, so watch this space for more news.

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