CAIRO, Sept 18, 2018 (MENA) - Head of the Egyptian Financial Supervisory Authority Mohamed Omran on Tuesday issued a decision reducing bourse registration services fees for companies listed on the Egyptian Exchange and the Nile Stock Exchange by 50 per cent.
In a released statement, he explained that the measure is meant to ease financial burdens on companies registered on the money market.
He added that the move is aimed at flourishing the securities market.
According to the new decision, services fees will be 0,005 per cent out of the total issued capital, he said, adding that the fees' minimum will be 5,000 pounds against a previous 10,000 pounds while the maximum will be 10,000 pounds instead of 25,000 pounds.
CAIRO, July 17, 2018 (MENA) - Head of the Egyptian Financial Supervisory Authority Mohamed Omran on Tuesday said that the insurance system in Egypt is receiving interest from the political leadership in an unprecedented way.
Addressing a workshop that was organized by the Authority on the progress of the insurance sector in Egypt, he added that a new comprehensive strategy will be adopted for increasing this sector's contribution to the gross domestic product.
The coming period will witness an expansion of insurance activities for adding more subscribers from the Egyptian people to the insurance system, he added.
The new comprehensive insurance law will be complete by September and will be put up for societal dialogue in October ahead of referring it to the government, he pointed out.
CAIRO, July 15, 2018 (MENA) - Approvals granted by Egypt's Financial Supervisory Authority (FSA) to set up new companies or increase capital of existing ones numbered 2,113 with an issued capital of 61.02 billion pounds and paid capital of 25.5 billion pounds during the first four months of 2018 compared to 1,515 in the corresponding period of last year, authority chairman Mohamed Omran said Sunday.
In a statement, he said market capital of the Egyptian Exchange hit 1006.2 billion pounds in April, up 3.3 percent from the previous month.
Transactions of listed and non-listed securities reached 40.9 billion pounds in April, with their total hitting 138.4 billion pounds by the end of the first four months of 2018 compared to 126.9 billion pounds in the corresponding period of 2017, he added.
CAIRO, June 13, 2018 (MENA) - The Financial Supervisory Authority (FSA) will play a more monitoring role on all companies registered in the Egyptian Exchange, head of the authority Mohamed Umran said Wednesday.
Amendments introduced to Law No.95/1992 oblige every company to notify the FSA of its annual financial lists and the report of its auditor one month ahead of the convocation of the company's general assembly, he said in a statement.
The FSA will then examine these reports and notify the company of its remarks, he added.
The move comes as part of the authority's efforts to protect the rights of clients trading on shares of these companies.