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About CMA 

Capital Market Authority Structure
In 2005, a new organization structure was ratified applying organizational methods in advanced capital market organizations as of separation between the level of policy making and measures taken against violating companies “CMA board of directors” and the level of policy implementation and rules enforcement “CMA staff”. The new structure is detailed and analytical of major functions of the CMA:

Monitoring Disclosure of Issuing Companies
The new organization structure includes a “the Corporate Finance and corporate Governance Sector” that is assigned to receive and review prospectuses of public subscription, tender offers and memoranda of private placement, including mutual funds certificates. The sector also monitors periodical and non-periodical disclosure of issuing companies following the issuance and listing of securities at CASE. The sector includes a new division to study tender offers, merger, and acquisition applications and another division for corporate disclosure and corporate governance.

Market Regulation
The Market Regulation Sector was introduced to prepare and review listing and trading rules, trades settlement and licensing of securities companies. Compliance and inspection are two other functions of this sector that grants licenses to securities companies and staff of those companies. The sector also monitors Self-regulatory Organizations (SROs); such as CASE and MCDR to define their capacities, authorize regulating rules of those organizations and follow up their regulatory functions towards their members.
The Market Regulation Sector introduced new units, covering SROs Activities, approving and licensing individuals that work in intermediary, securities Firms and inspection over securities companies of all activities.

Market Surveillance & Enforcement
The new organization structure includes a new sector: Market Surveillance and Enforcement that is assigned to monitor trading at the secondary market and investigate violations detected through surveillance on disclosure and inspection on violations detected by SROs and refer them to the CMA as well as complaints of the investors. This sector contains new units: complaints and grievances,corporate governance unit stipulated by Egyptian capital market legislations, including the Capital Market Law and the Depository and Central Registry Law and their Executives Regulations as well as CASE listing rules.

Other Sectors and Departments
In addition to the aforementioned basic functions, the new organization structure includes some central departments such as international financial organizations and information systems, legal affairs, administrative and financial affairs and the Chairman technical affairs sector that introduced new units: (research, risk management, planning and monitoring, communication, investor awareness, office of filing, information services and human resources development).
 
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