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To note, the stock exchange management, after coordination with CMA, issued decisions via its membership committee barring the company from utilizing trading systems used at the stock exchange, as well as facilities the stock exchange provides. This was based on the said company’s violation of capital adequacy criteria issued by CMA and its conduct of business at ratios lower than what is allowed for continuation of operation. The company has been informed of that decision by the stock exchange.
CMA also inspected the company and, according to provisions of the Capital Market Law, issued a warning to it stating therein the necessity of removing violations attributed to it.
Stars Co. for Securities Trading has had its license for brokerage in securities since 1995. Its average daily transactions in listed securities reaches L.E 1.7 m, ranking 106th among remaining securities brokerage firms ( totaling 135). The volume of its transactions represents 0.08% of total transactions executed by brokerage firms in the market during the year 2007.
CMA is currently pursuing legal measures as stipulated for in the Capital Market Law, and examining complaints filed by citizens. If the said company does not remedy violations attributed to it, CMA will refer securities citizens dealing in securities) to the Investor Protection Fund (investor fund for protection against non-commercial risks) to take whatever measures are necessary to compensate them according to applicable rules and regulations organizing the operations of that fund.