(Photo by Hassan Ibrahim)
Chairman of the Egyptian Stock Exchange (EGX) Mohamed Omran issued two decrees Sunday accrediting 35 experts and 14 arbitrators to operate in settling capital market disputes, EGX announced in a statement.
The EGX explained that the accredited experts are approved in line with the rules announced by the entity in February. These comply with the United Nations Commission on International Trade Law (UNCITRAL) and its amendments.
Omran noted that the EGX’s new rules for arbitration and settling disputes comes under the entity’s 2013-2017 plan to improve Egypt’s investment climate in the stock market.
In the same regard, Omran announced last October that documents needed for companies to list will be cut in half. The total number of documents now demanded for listing is 12, having previously been 24, the EGX said in its official statement.
Omran’s decision eliminated the need for copies of banking deposits showing the evolution of capital, copies of general assembly meeting minutes and the list of the board of director who participated in the capital increase.
The EGX urged companies not to hide any information that might affect the validity of the listing process. They added that it “reserves the right to claim any additional documents may be required by the screening process”.
As result of these rules, the EGX records have had a positive effect on the Egyptian economy, a report released by Dcode in February showed. It attributes the effect to the measures adopted by the stock market and the Egyptian Financial Supervisory Authority (EFSA).
The measures included the release of rules for “governing block trading” as well as the completion of regulations concerning the listing and trade of “Exchange Trade Funds (ETFs)” on EGX, the report said.
