Sukuk issuance to come into force in amendments of Egypt's Capital Market law

Egypt's House of Representatives approved amendments for some provisions in the Capital Market law in the presence of Minister of Investment and International Cooperation Sahar Nasr, chairman of the Egyptian Financial Supervisory Authority Mohmed Omran and chairman of the Egyptian Stock Exchange Mohmed Omran. 
"Among the 45 articles that have been amended, EGX's securities listing fees are made to be slashed to 0,2% so as to incentivize small and medium-sized enterprises," said deputy chairman of EFSA's Judge Khalid El-Nashar, expecting the new amendments to be put into force and published in the official Gazette in the span of a two-week period.  
 Among the most notable amendments are those that shall impose harsher penalties on violations and manipulations and include the issuance of a lengthy chapter on sukuk, Islamic bonds structured in such a way as to generate returns to investors without infringing Islamic law, in addition to founding the Egyptian Securities Federation, according to Al-Nashar. 
The amendments authorize the Investor Protection Fund to provide protection for investors from violations committed by listing companies, as a new thinking into optimizing the fund and amending its articles of association is in the works.      
The amendments eased the EGX listing  by means of  permitting newcomers  to publish their respective prospectus in one  instead of two widely publicized newspapers alongside placing it on the EFSA's  website. 
Also, EFSA shall be permitted to take disciplinary measures against violators in futures and commodities exchanges, notably nullifying licenses of futures exchange in the event of repeating violations.   

Almalnews Contribution Time: 15-Feb-2018 13:31 (GMT)
Almalnews Last Update Time: 15-Feb-2018 13:31 (GMT)

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