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 Grievances |
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Grievances |
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Legislations regulating the capital market secure for dealers the right to aggrieve against administrative decisions issued by the Minister or the Capital Market Authority.
The grievance shall be applied before the grievances committee – unless otherwise is stipulated in the Capital Market Law 95\1992 – within thirty days from the date of notifying the person in concern and fifteen days for grievances against administrative decisions as per articles 30 and 31 of Law 95\1992.
A committee shall be formed to examine grievances as per a decree of the Minister of Investment to be headed by one of the deputies of State Council (SC) President, membered by two (SC) consultants selected by the council, one of the CMA senior officials, to be chosen by the Chairman and an experienced person chosen by the minister. The CMA Chairman shall nominate a secretariat for the committee from the CMA grievance office. A majority of the grievance committee shall be enough to be convened or take its decisions.
Grievances shall be applied for the grievance office at the CMA head office provided that all required data shall be provided. The grievant may apply any other data to support his\her grievance.
The committee shall settle the grievance within sixty years from the date its application or from the date of finishing explanations required by the committee. The committee's decisions shall be valid and final, while it can be appealed. The grievant shall be informed with the committee's decision through the CMA Grievance Office if he\she did not show up for the verdict session. The Grievance Office shall also inform CMA concerned administrations and MCDR with the final verdict.
The CMA prepared a manual for dispute settlement related to administrative decision issued by the Minister or the CMA for providing more information that may enrich public legal culture for securities dealers (both institutions and individuals).
The following table contains grievances applied for the CMA since the beginning of 2006 and their outcomes.
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1 |
Sigma Securities Brokerage |
The CMA Board of Directors decision no. (2) issued on 2\1\2006 regarding the cancellation of the aggrieved company's license as per article (30) of the Capital Market Law. |
18/01/2006 |
Grievance accepted in form and dismissed as to substance. |
2 |
Al-Khalig Construction |
A letter from the Central Department for Legal Affairs concerning requesting the company to pay fines of delay of filing financial statements of the two periods ending on 30\6\2005 and 30\9\2006. |
01/03/2006 |
Grievance accepted in form and dismissed as to substance. |
3 |
Al-Khalig Construction |
A letter from the Central Department for Legal Affairs concerning requesting the company to pay fines of delay of filing financial statements of the two periods ending on 30\6\2005 and 30\9\2006. |
01/03/2006 |
Grievance accepted in form and dismissed as to substance. |
4 |
Orbit Stock Brokerage |
CMA Board’s decree of preventing said company from pursuing its operations . |
12/03/2006 |
Grievance accepted in form and dismissed as to substance. |
5 |
Queen Brokerage and Stock Exchange |
The CMA board of directors' decision (20) issued on 22\2\2006 regarding the suspension of Queen for Brokerage and Stock Exchange for three month as per article (31B) of Law. 95\1992 during which the company will be committed to remove all violations on its part. |
12/03/2006 |
Grievance accepted in form and substance to the effect that the challenged decree has been modified as follows: Company shall be prevented from pursuing its operation for one month (instead of three months). |
6 |
Stars for Securities |
A warning issued by the CMA to the company on 27\2\2006. |
14/03/2006 |
Committee has no jurisdiction over examination of filed grievance. |
16 |
Al-Wataneya Brokers |
No decision is required as the grievance was withdrawn. |
13/06/2006 |
Grievance withdrawn per request of company. |
17 |
Strategic Securities Group |
The CMA Chairman's decree no. 49\2006 regarding the requirements for establishment and licensing a brokerage firm. |
13/06/2006 |
Company’s grievance requesting cancellation of Articles 1, 2, and 3 of challenged decree was dismissed on grounds of extinguishment of interest. Requests other than that are refused. |
18 |
Securities Division |
No decision is required as the grievance was withdrawn. |
13/06/2006 |
Grievance withdrawn on 18/6/2006. |
19 |
Al Ahly Brokerage |
Notice in Mr. Ibrahim Abd El-Ghany Ramadan ’s complaint as served to company by Central Department for Legal Affairs. |
06/07/2006 |
Grievance accepted in form and dismissed in substance. |
20 |
Teeba for Securities Brokerage |
The CMA Chairman’s decree No. 76 regarding suspending said company for 30 days. |
18/07/2006 |
Grievance accepted in form and dismissed in substance. |
21 |
Commercial International Brokerage Co. |
The CMA Chairman’s decree No. 49/2006 regarding requirements for establishment and licensing of a brokerage firm. |
26/07/2006 |
Grievance accepted in form and dismissed in substance. |
22 |
Hermes for Securities Brokerage |
The CMA board of director's decision No. 48/2006 re serving a warning to Hermes Securities Brokerage. |
27/07/2006 |
Grievance accepted in form and dismissed in substance. |
23 |
Arabian Markets Group Co. for Brokerage |
The CMA board of directors decision No. 47 regarding approval of cancellation of license awarded to the Arabian Markets Group Co. for Brokerage. |
09/08/2006 |
Grievance accepted in form and dismissed in substance. |
24 |
Champollion Brokerage |
The CMA board of directors decision No. 55 regarding issuing manual for procedures and checklists for fixed income securities. |
10/08/2006 |
Dispute considered closed. |
25 |
Ahmed Gad Ibrhaim, shareholder in Forsrock Co. |
The CMA board of directors No. 51/2006 regarding suspension of decision taken by the ordinary general assembly meeting of Forsrock Egypt convened on 2/5/2006. |
22/08/2006 |
Grievance accepted in form and dismissed in substance. |
26 |
Hala Ezz El-Din Abdul Aziz Sadeq et. al |
No decision is required as the grievance was withdrawn. |
23/08/2006 |
The grievance was withdrawn. This decision includes grievances no.(26, 27 and 28) . |
29 |
Global Capital Securities |
BOD Chairman’s decree No. 90/2006 re suspending said company from pursuing operations for 15 days. |
30/08/2006 |
Grievance accepted in form and dismissed in substance. |
30 |
Agead Securities Brokers & Bookkeepers |
The CMA Chairman's decree no 30\2006 regarding the suspension of the company's activity for 30 days. |
05/09/2006 |
Grievance accepted in form and dismissed in substance. |
31 |
Abar and Zini, Saudi Partnership |
The CMA Chairman’s decree No. 57/2006 regarding request for suspension of decrees made by ordinary general assembly of Nissan Egypt Co. |
05/09/2006 |
Grievance accepted in form. As to substance, it was accepted ordering cancellation of challenged decree which included dismissal of request submitted by grievant to suspend decree of the general assembly of Nissan Egypt. |
32 |
Golden Way Securities |
The CMA Chairman’s decree No. 95/2006 for suspending Golden Way Securities for 15 days according to provisions of Article 30 of Law No. 95/1992, during which time said company shall remove all violations attributed to it and report on the same within the 15-day period. |
06/09/2006 |
Grievance accepted in form and dismissed in substance. |
33 |
Commercial International Brokerage Co. |
The CMA Chairman’s decree No. 97/2006 regarding procedures for considering grievances according to Articles Nos. 51 and 52 of Law 95/1992. |
10/09/2006 |
Certifying that dispute set forth in grievance was relinquished. |
34 |
Crown for Manufacturing and Trade of Food Stuff |
Letter of Central Department for Legal Affairs regarding delay of said company in filing financial statements to CMA according to rules on listing and delisting at CASE . |
21/09/2006 |
Grievance accepted in form and dismissed in substance. |
35 |
Al-Motaheda Co. for Balanced Glass |
The CMA Chairman’s decree No. 100\2006 re withdrawing decree No. 84 issued on 25/7/2006 re suspension of trade in shares of Advanced Drug Containers Co. |
04/10/2006 |
Grievance accepted in form and in substance ordering cancellation of challenged decree. |
36 |
Financial Brokerage Group |
The CMA Chairman’s decree No. 107 of 2006 regarding cancellation of all transactions executed in trade session dated 24/8/2006 as related to Orascom’s Co. for Constructions and Industry’s bonds (second issue). |
08/10/2006 |
Grievance accepted in form and dismissed in substance. |
37 |
Al-Alameya Co. for Projects |
The CMA Chairman's decree no. 91\2006 regarding the cancellation of transactions no. 21, 20 and 22 executed on the OTC 6\9\1998 session. |
15/10/2006 |
Grievance accepted in form and substance by ordering cancellation of challenged decree and impacts thereof. |
38 |
Arab Banking Institution Bank |
The CMA Chairman’s decree No. 107 of 2006 regarding cancellation of all transactions executed in trade session dated 24/8/2006 as related to Orascom Co. for Constructions and Industry’s bonds (second issue). |
16/10/2006 |
Grievance accepted in form and dismissed in substance. |
39 |
Osool ESB Securities Brokerage |
CMA’s warning No. 8003 dated 17/10/2006. |
29/10/2006 |
Grievance dismissed for absence of administrative decree, which is the privilege of the committee. |
40 |
Al Ahly Brokerage |
The CMA Chairman's decree no. 128\2006 to suspend the company's brokerage activity for thirty days. |
22/11/2006 |
Grievance was accepted in form and dismissed in substance. |
41 |
Al Karma Brokerage Co. |
The CMA board of directors' decision 86\2006 to suspend the company for one month. |
26/11/2006 |
Grievance accepted in form and dismissed as to substance. |
42 |
Al Maghrabi Optics |
A letter from the Central Department of Legal Affairs concerning CASE listing and delisting rules on 15-11-2006. |
30/11/2006 |
Grievance accepted in form and dismissed as to substance. |
43 |
Nasr Civilian Works |
CMA Board of Directors' decision dated 14/11/2005 regarding the amendment of the BOD decision issued on 8/1/2002 on the changing of service fees. |
30/11/2006 |
First: The grievance was dismissed in form as for the application to cancel the BOD decision dated 8/1/2002 for late presentation.
Second: The grievance was accepted in form regarding the remainder of requests and dismissed as to substance. |
44 |
Hala Ezz El-Din et al |
The CMA Board of Directors’ decision no. (84) of 2006 for suspension of trading of shares they own in the capital of the Company for Pharmaceutical Packaging and Developed Industries |
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Grievance accepted in form and in substance the aggrieved decision is cancelled. |
45 |
Hala Ezz El-Din et al |
The CMA Board of Directors’ decision no. (84) of 2006 for suspension of trading of shares they own in the capital of the Company for Pharmaceutical Packaging and Developed Industries |
06/12/2006 |
Grievance accepted in form and in substance the aggrieved decision is cancelled. |
46 |
Hala Ezz El-Din et al |
The CMA Board of Directors’ decision no. (84) of 2006 for suspension of trading of shares they own in the capital of the Company for Pharmaceutical Packaging and Developed Industries |
06/12/2006 |
Grievance accepted in form and in substance the aggrieved decision is cancelled. |
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The following table contains grievances applied for the CMA since the beginning of 2007 and their outcomes. |
1 |
Osoul Co. for Securities Brokerage |
Warning by Legal Affairs ordering payment of the custodian commission |
10/01/2007 |
Grievance accepted in form and dismissed in substance |
2 |
Saimex International for Car Trade |
CMA Chairman’s decision for cancellation of dealing in the shares [subject of the grievance] |
11/01/2007 |
Grievance dismissed in form as it was submitted after due time |
3 |
Nabil Haroun Riyadh |
Regarding refusal of listing him at CMA Auditors’ register |
18/01/2007 |
Grievance accepted in form and dismissed in substance |
4 |
Eva for Securities Brokerage |
CMA BOD’s Decision No. 14 of 2006 regarding determination of a period ending on 15/3/2007 for satisfaction of license requirements stipulated for in Decree No. 49 of 2006 |
07/02/2007 |
Grievance accepted in form and dismissed in substance |
5 |
Yehia Abdul Moneim Hassan |
Regarding refusal of listing him at accountants’ and auditors’ register |
08/02/2007 |
Grievance accepted in form and dismissed in substance |
6 |
Mohamed Mohamed Ali Roshdi |
Letter issued by the Grievances Office against Tropicana Co. |
18/02/2007 |
Grievance accepted in form and in substance the aggrieved decision, as well as the consequent impacts thereof, cancelled and reasons clarified. |
7 |
Cairo Bank |
Decision issued by Misr for Clearing et al on 24/1/2007 regarding releasing stocks pledged as security for the bank |
22/11/2007 |
The committee ruled lack of jurisdiction for consideration of the grievance submitted by Cairo Bank against Misr Clearing et al. |
8 |
Sixth of October Co. for Development and Real Estate Projects |
Decision of the Board of Directors of Cairo and Alexandria Stock Exchanges for not listing the shares of the company in the listing and delisting databases |
04/04/2007 |
Grievance accepted in form and dismissed in substance |
9 |
Okaz Co. for Securities Brokerage |
CMA Chairman’s decision No. 54 of 2007 |
19/04/2007 |
Grievance accepted in form and in substance the aggrieved decision is cancelled. |
10 |
Marina Benia Co. for Investment & Tourism Development |
CMA Chairman’s decision No. 54 of 2007 for cancellation of transactions Nos. 43100, 43101 and 43105 |
24/04/2007 |
Grievance accepted in form and in substance the aggrieved decision is cancelled. |
11 |
Aber Crombi and Kent Egypt for Travel |
Letter by Legal Affairs fixing a fine for delay in delivery of financial statements for the period of 31/2/2005 |
24/04/2007 |
Grievance accepted in form and in substance the aggrieved decision, as well as the consequent impacts thereof, are cancelled and reasons clarified. |
12 |
Aber Crombi and Kent Egypt for Travel |
Letter by Legal Affairs assessing a fine for delay in delivery of financial statements for the period of 31/3/2006 |
24/04/2007 |
Grievance accepted in form and in substance the aggrieved decision, as well as the consequent impacts thereof, are cancelled and reasons clarified. |
13 |
Aber Crombi and Kent Egypt for Travel |
Letter by Legal Affairs assessing a fine for delay in delivery of financial statements for the period of 30/6/2006 |
24/04/2007 |
Grievance accepted in form and in substance the aggrieved decision, as well as the consequent impacts thereof, are cancelled and reasons clarified. |
14 |
Aber Crombi and Kent Egypt for Travel |
Letter by Legal Affairs fixing a fine for delay in delivery of financial statements for the period of 30/9/2006 |
24/04/2007 |
Grievance accepted in form and in substance the aggrieved decision, as well as the consequent impacts thereof, are cancelled and reasons clarified. |
15 |
Mohamed Mos’ad Ibrhaim Hassan |
CMA’s Decision No. 56 of 2007 on 10/4/ 2007 whereby Mr. Mohamed Mos’ad and his minor shall be suspended from performing any dealings at CASE and that all cash balances shall be frozen. |
09/05/2007 |
Grievance withdrawn because the aggrieved decision was cancelled. |
16 |
Osoul Co. for Securities Brokerage |
Letter by the Grievances Office stating therein a warning to return a sum of L.E 70,867 |
17/05/2007 |
Grievance accepted in form and dismissed in substance |
17 |
Tycoon Co. for Securities Trading |
Decision No. 46/2007 whereby the company is suspended from operation for one month |
07/06/2007 |
Grievance accepted in form and dismissed in substance |
18 |
AIC for Contracting |
Decision of CASE Board whereby the said company’s grievance for re-listing its shares in the official table is dismissed. |
12/06/2007 |
Grievance accepted in form and dismissed in substance |
19 |
Aman Co. for Securities Trading |
Decision No. 47 of 2007 whereby the said company is prevented from performing its activities. |
12/06/2007 |
Grievance accepted in form and in substance the aggrieved decision, which ruled that the said company was to be suspended from business for three (3) months, cancelled and the suspension period reduced to two (2) months. |
20 |
Al-Etehad Al-Arabi for Tourist Real Estate Investments |
CMA BOD’s decision issued on 30/5/2007 whereby ruled for the suspension of decisions of the assembly held on 11/1/2007 |
13/06/2007 |
Grievance accepted in form and in substance the aggrieved decision is cancelled and consideration of cancellation of the general assembly’s decisions postponed. |
21 |
Queen Co. for Securities Trading |
CMA BOD’s Decision No. 95 of 2007 whereby company’s activities were to be suspended for 15 days |
17/06/2007 |
Grievance accepted in form and dismissed in substance. |
22 |
Osoul Co. for Securities Brokerage |
CMA BOD’s Decision No. 41 of 2007 whereby the said company was to increase security by 50% |
17/06/2007 |
Grievance accepted in form and dismissed in substance. |
23 |
Prime Co. for Securities Trading |
CMA BOD’s Decision No. 41 of 2007 whereby the said company was to increase security by 50% |
17/06/2007 |
Grievance accepted in form and in substance the aggrieved decision modified to the effect that the company shall increase deposited security by 25% of the value of security deposited at the Settlement Guarantee Fund, and that all other requests are thereby dismissed. |
24 |
Pharaohs Co. for Securities Trading |
CMA BOD’s Decision dated 20/6/2007 whereby the said company was to suspend activities for 15 days |
28/06/2007 |
Grievance accepted in form and dismissed in substance. |
25 |
Egyptian Company for Sugar and Integrated Industries |
CMA BOD’s Decision No. 6/2007 regarding fines due to delay in submitting aggregated financial statements |
03/07/2007 |
Grievance accepted in form and in substance the aggrieved decision is cancelled |
26 |
Mrs. Ranya Mohamed Ali Mostafa et al |
CMA BOD\s decision No. 7 of 2007 whereby the license of Al-Kamal Co. for Securities Brokerage was to be cancelled. |
11/07/2007 |
Grievance withdrawn |
27 |
Basem Reda Attallah, BOD Chairman, Aman Co. for Securities Trading |
CMA’s Decision No. 6 of 2007 for suspension of operations |
30/07/2007 |
Grievance accepted in form and in substance the aggrieved decision including consequent impacts is canceled |
28 |
Eng. Abdulqader Shafiq Abdulrahman |
CMA’s Decision NO. 127 of 2007 regarding sale of shares of Employee Shareholders' Association which holds shares at Al-Nasr City Co. for Housing and Development |
31/07/2007 |
Grievance accepted in form and in substance with the aggrieved decision No. 127 of 2007 and its impacts cancelled. |
29 |
Mohamed Abd El-Naby Ahmed Ragab, Branch Manager, New Print for Securities Trading |
CMA’s decision No. 6 of 2007 whereby the said person was not be hired to work in the field of securities |
02/08/2007 |
Grievance accepted in form and in substance with the aggrieved decision and its consequent impacts cancelled. |
30 |
AIC Co. for Contracting |
CMA BOD Chairman’s Decision No. 66 whereby trading in the shares of the said company were to be suspended |
05/08/2007 |
The committee decided as follows: I. Both grievances against decision No. 66 of 2004 and 84 of 2004 dismissed for late submittal. II. The substitute application was accepted in form and in substance by canceling the aggrieved decision to the effect that over-the-counter market were to be cancelled effective 1/1/2008 |
31 |
Safey Al-Din Mahmoud, Saudi-Egyptian Co. for Securities Trading |
CMA BOD’s decision No. 6 of 2007 the said person, as well as others, shall not be involved to work in the field of securities |
06/08/2007 |
Grievance accepted in form and in substance, the aggrieved decision and its impacts are cancelled. |
32 |
Mohamed Sabri Al-Ahmadi, BOD Chairman, Global Capital Co. |
CMA BOD’s decision No. 6 of 2007 whereby the said person, as well as some other persons, were not be involved to work in the field of securities |
06/08/2007 |
Grievance accepted in form and in substance, the aggrieved decision and its impacts are cancelled. |
33 |
Ahmed Mahmoud Khidr, BOD Chairman, Helwan Co. for Securities Trade |
CMA BOD’s decision No. 6 of 2007 whereby the said person, as well as some other persons, were not be involved to work in the field of securities |
06/08/2007 |
Grievance accepted in form and in substance the aggrieved decision and its impacts are cancelled. |
34 |
Gad Abd El-Alim Gad, Helwan Co. for Securities Trading |
CMA BOD’s decision No. 6 of 2007 whereby the said person, as well as some other persons, were not be involved to work in the field of securities |
06/08/2007 |
Grievance accepted in form and in substance with the decision that the aggrieved decision and its impacts were to be cancelled. |
35 |
Nehad Ali Mohamed Abd El-Hafez |
CMA BOD’s decision No. 6 of 2007 whereby the said person, as well as some other persons, were not be involved to work in the field of securities |
06/08/2007 |
Grievance accepted in form and in substance the decision that the aggrieved decision and its impacts were to be cancelled. |
36 |
Abd El-Rehim Mohamed Abd El-Rehim Al-Badawi |
Memo of the Grievances Office regarding his complaint against Lebon Co. for Securities Trade |
26/08/2007 |
Review by the committee is underway |
37 |
Magdi Mostafa Hussein |
Regarding complaint against Global Capital Co., which was filed to the Grievances Office |
28/08/2007 |
Review by the committee is underway |
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