Cairo, Egypt: The Prime Minister of Egypt, Dr Mustafa Madbouly, issued a decision to modify some rules of the executive order of the Capital Market Law.
The adjustments are a supplement to the efforts of the authority to provide a conducive environment for investment and financing through non-bank financial activities, according to the government.
Dr Muhammad Farid, the Chairman of the Board of Directors of the General Authority for Financial Supervision, stated:
Permission to produce a violin program on several versions as well as versions of the violin without a credit rating after the authority’s approval
Expanding the scope of the circulating boxes to allow their restrictions after obtaining the authority’s approval for its reference indicator
Allowing electronic marketing of fund documents simultaneously with decisions to use financial technology in non-bank financial activities
Establishing and organizing Sustainable Development Investment Funds to encourage investment in economic activities related to projects that follow environmental and social dimensions
Dr Mustafa Madbouly, PM of the Cabinet, issued a decision to amend some of the provisions of the Executive Regulation of the Capital Market Law No 95 of 1992; the amendments include allowing the issuance of a program for looting in several versions, the establishment and regulation of Sustainable Development Investment Funds, and expansion of the working scope of the circulating funds, in addition to the efforts of the General Authority for Financial Supervision in Improving the non-banking financial sector business environment and developing and availing diverse non-bank financial products and services that meet the needs of various types of investors.
On his part, Dr Mohamed Farid, Chairman of the General Authority for Financial Supervision, said that the decision of the Prime Minister to amend some of the provisions of the Executive Regulation of the Capital Market Act No. 95 of 1992 had allowed the release of a total program for the rulers to be presented in several versions according to the regulations issued by the Board of Directors that The program is implemented within three years of the date of the authority’s approval of the program release, or within the period by the authority’s decision, without the need to obtain the approval of the Board of Directors each time when the desire to issue any new protocols specific to the company, the beneficiary, and the incoming project described in the program.
The newsletter or information sheet should be disclosed all program details, risks, commitments and commitments of all parties of the refinery process and the refinery shop project to facilitate economic entities wishing to develop and expand their business by issuing funding concessions, reducing the time frame and cost.
The amendments allowed the issuance of tariffs without preparing the credit rating of the beneficiary and the issue or one of them in cases in accordance with the regulations issued by a decision of the Board of Directors, thereby granting greater flexibility in the non-conditional of the credit rating in cases that fit with the nature of the tariffs to be issued and the persons in which the matter is It would reduce the cost of issuing flutes.
The head of the authority said that the amendments had strengthened companies working in the securities field the need to comply with the government rules issued by the board of directors of the authority, in order to raise the competence of managing companies and protect the rights of company shareholders, especially in the light of the practical reality of decreasing problems that companies are exposed to applied to the principles of government About other companies that don’t apply these principles.
According to the update, Dr Farid clarified that the amendments had expanded the scope of the trading investment funds to follow a benchmark approved by the authority, and its documents are being traded in the Egyptian stock exchanges according to the regulations issued by the Board of Directors of the Authority to facilitate the flow of documents to facilitate the trading of documents for investors to deal with and contribute to expanding the base The Handlers.
The amendments spoke on a new type of Sustainable Development Investment Funds to encourage this type of investment to keep up with the latest developments in this regard, and these types of funds are aimed at investing in economic activities related to green projects or projects that meet environmental and social dimensions, the Board of Directors issued regulations.
The operation of these funds, the investment ratio and the data that the basic system of the fund, the pamphlet or the information sheet should include depending on the circumstances and, in particular, the economic activities the fund aims to invest in and the conditions to be available for those investments, the related risks and the policy to mitigate or limit those risks, and the methodology to assess Performance of the fund and measuring the extent of achieving its goals, and the chairman of the board issues the basic system model for this type of fund.
The amendments to the investment funds allowed the fund documents to be marketed through brokerage companies or other companies licensed by the authority to create a register with the names of companies wishing to market the fund documents to have to be restricted and terminated in the register according to regulations issued by the board of directors of the body, and this is in sync The amendment to the recent decisions issued by the authority on the enablement of the use of financial technology in non-banking financial activities, are Resolutions 139, 140 and 141, which will pave the way for the start of a new era for the non-banking finance sector using financial technology, which is the main driver and motivation for ease of access and access to financial services Non-banking for different segments of society in support of the national economy requirements to achieve financial inclusion.
