News
Capital Market Authority (CMA) Board of Directors issued in its last meeting at the head office at the Smart Village. Some new administrative decisions related to securities companies as well as some listed companies that violated Capital market Law no. 95/1992 and its Executive Regulations.
The decisions included issuing warning for two brokerage firms to remove violations and increase deposited insurance money to reach 50% of the insurance that the two companies deposited at the Settlement Guarantee Fund (SGF) on the last installment deposited in a special account for one year from the date of the actual deposit of that sum.
Two other brokerage firms were suspended for one month and three months with a warning to remove the violations and stop the activities of branches that are not licensed by the CMA as well as addressing public money prosecution to shut down those branches administratively. Furthermore, the board decided to increase the deposited money from the two companies by 50% from their deposited insurance at the SGF for its last installment deposited in a special account for one year.
As for listed companies, The CMA board of directors issued a decision to decline the applications of two listed companies to be exempted from fines for delay in submitting financial statements. Cairo and Alexandria Stock Exchange (CASE) was addressed to delist the aforementioned companies.
The BOD also decided to inform securities companies with names of 11 officials at some securities companies who were convicted in crimes violating provisions of the Capital Market Law and felony laws. Those laws pertain that those persons shall not be entitled to any activity or job at securities companies as per provisions of Capital Market Law and its Executive Regulations.
The decisions included issuing warning for two brokerage firms to remove violations and increase deposited insurance money to reach 50% of the insurance that the two companies deposited at the Settlement Guarantee Fund (SGF) on the last installment deposited in a special account for one year from the date of the actual deposit of that sum.
Two other brokerage firms were suspended for one month and three months with a warning to remove the violations and stop the activities of branches that are not licensed by the CMA as well as addressing public money prosecution to shut down those branches administratively. Furthermore, the board decided to increase the deposited money from the two companies by 50% from their deposited insurance at the SGF for its last installment deposited in a special account for one year.
As for listed companies, The CMA board of directors issued a decision to decline the applications of two listed companies to be exempted from fines for delay in submitting financial statements. Cairo and Alexandria Stock Exchange (CASE) was addressed to delist the aforementioned companies.
The BOD also decided to inform securities companies with names of 11 officials at some securities companies who were convicted in crimes violating provisions of the Capital Market Law and felony laws. Those laws pertain that those persons shall not be entitled to any activity or job at securities companies as per provisions of Capital Market Law and its Executive Regulations.