Media ININ Economy We Trust
Media In – Cairo 20 March 2018
Dr. Sahar Nasr, Minister of Investment and International Cooperation of Egypt, said that the republican decision to issue Law No. 17 of 2018 with amendments to some provisions of the Capital Market Law included activating the sukuk as a financial instrument in the capital market. The amendment is the largest and most comprehensive since the promulgation of the law 26 years ago, which saw limited amendments in some of its articles but did not absorb all the Taajat for dealing with economic challenges.
She explained that the law included the amendment of 45 articles of the law, aimed at providing modern financial instruments that meet the needs of the Egyptian economy and enable it to compete globally, reorganize the issuance and circulation of financing instruments, and regulate the futures exchange in order to diversify the financial instruments traded.
She pointed out that the amendments were aimed at protecting the rights of the minority shareholders in the cases of acquisition, increasing the fines for anyone who violates the provisions of the acquisition or acts in securities contrary to the rules stipulated in the law, as well as the imposition of fines on the basis of internal information not available to all, Private Placement of Securities and Financial Instruments.
She pointed out that the new law includes the establishment of a consortium of securities companies, for the first time in Egypt, similar to the unions organized under the law of banks, insurance, mortgage finance and microfinance to contribute to the development of activities and professional practices and serve as a quick substitute for the Securities Union.
