Madbouly issues amendments to Capital Market Law’s executive regulations

Updated 8/21/2023 12:22:00 PM
Madbouly issues amendments to Capital Market Law’s executive regulations

Arab Finance: Egyptian Prime Minister Mostafa Madbouly issued a resolution amending the provisions of the executive regulations of Capital Market Law No. 95 of 1992, according to a statement by the Financial Regulatory Authority (FRA) on August 21st.

The amendments include the introduction of a multi-issuance sukuk program to be implemented within three years from the date of the FRA’s approval.

Moreover, the amendments allow investment funds to market the fund's documents through brokerage firms or other companies licensed by the FRA.

They also encourage forming sustainable development investment funds, which are concerned with projects that consider environmental and social aspects.

In addition, traded investment funds will follow a reference index approved by the FRA, under which trading documents may be registered on the Egyptian Exchanges (EGX) according to the controls issued by the FRA.

Moreover, the amendments permitted the issuance of sukuk without preparing the credit rating of the beneficiary and the issuance or one of them.

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