EGYPT: EFSA issues Amended Rules on Major Shareholding Reporting Thresholds

The Egyptian Financial Supervisory Authority (EFSA) have issued amended regulatory rules on the ownership of shares in Securities Companies.

Under the revised rules, the EFSA’s prior approval is required when certain prescribed thresholds of ownership in a company’s capital or voting rights is obtained.

Under EFSA’s BOD decision no. (65) of 2017, natural or legal persons shall submit a request to the EFSA to approve the acquisition of shares held, whether acting alone or through a related group , when the following ownership thresholds are obtained: 10%, quarter, third, half, two-thirds, three quarters.

This decision completes the amendments to the Executive Regulations of the Capital Market Law issued by the Minister of Investment decision no. (95) of 2016, which regulated specific cases related to the approval of EFSA’s BOD to acquire more than one third of the capital of any company practicing Brokerage activity in securities or management of investment funds.

Follow the link at the top of the page for the EFSA announcement.