Union of Arab Securities Authorities.

Markets Oversight

  

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CMA announced applying for the activity of Valuation of Assets shall be according to the application form provided in Appendix No. (5) (Application for Securities Activities License) of Module five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 and their amendments. It is available for all persons who meet all the license requirements stipulated in Article (1-5) of Chapter One (Securities Activities) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, especially the requirements stipulated in Appendix (1) (Capital Requirements and Legal Form of Licensed Persons) of the same Module. In this case the company’s capital shall be one hundred thousand K.D. (Kuwaiti Dinar) and its legal entity as a shareholding company or limited liability, provided that one of the partners shall be an auditor registered with the CMA.
Final Beneficial Owner Identification Rules come into force after publishing a decision that amends the Executive Regulations of the Capital Market Law in Egyptian Gazette.
The cases in which these rules will be applied include the following : issuing companies’ shares , amending the ownership structure, approving mandatory and voluntary tender offers, IPOs, in addition to listing of securities in one of the Stock Exchanges as well as establishing any activity related to the companies operating in securities , or participating in any activity by 10% or more of the share capital or acquiring 10% or more.
The decision of the Minister of Investment and International Cooperation no. 33 of 2017 stated that a new chapter shall be added to the Executive Regulations entitled "Chapter 13 – Final Beneficial Owner Identification Rules ". Also, it states other cases defined by EFSA’s Board of Directors to achieve market stability and transparency of activities.
EFSA shall disclose the legal form, the law, the founding state, nationality, activity, the entity’s BOD, the person who has the right to sign instead of the legal person, in addition to the ownership structure in cases of companies or mutual funds, including anyone who owns 10% or more. In case the ownership structure includes legal persons whose ownership exceeds 50% of the company’s capital, the data shall also be submitted.

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