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Listing Committee

The Listing Committee of EGX is formed by a Decree from EGX Board of Directors. The Committee is responsible for implementing the listing and delisting rules at EGX issued by Decree from EFSA Board of Directors no. 11 for the year 2014 in 22/1/2014 and amendments. EGX Listing Committee is as well responsible for implementing the Executive Regulations of the listing and continuing obligations and delisting securities at EGX issued by a Decree of EGX Board of Directors 11/2/2014 and approved by EFSA Chairman in 12/2/2014 according to its final modifications and the related decrees. The decrees of the Listing Committee are issued based on the prepared memos from both Listing Division and Disclosure Division at EGX.
 
Members of Listing Committee
The Chairman of EGX, or whoever the Chairman delegates, chairs the Board; the members of the Listing Committee are as follows:

  • A representative from the Egyptian Association for Accountants and Auditors to be selected by the Association’s Board of Directors
  • EGX Board Member who is representative of the securities companies working in the securities market to be selected by EGX Board of Directors
  • EGX Board Member who is representative of the listed companies on EGX to be selected by EGX Board of Directors
  • Assistant Chairman for technical affairs at EGX
  • Vice president of Disclosure Division at EGX
  • General Manager of the Listing Division at EGX
EGX Listing Committee Responsibilities:
  • Initial listing for new securities (shares/ corporate bonds/ governmental bonds/ financing notes/ investment fund certificates/ Egyptian depositary receipts)
  • Approves extending grace period for executing offering of initial listed companies upon the introduced justifications
  • Approves dissemination of disclosure reports for offering or offering prospectus according to Article (7) and (9) of Listing Rules
  • Approves listed securities modifications (corporate capital increases/ corporate capital decreases/ stock split/ purpose amendments/ periodic redemption of bonds… etc
  • Approves obligatory delisting for listed securities that did not fulfill the continuing obligations conditions
  • Approves voluntarily delisting for listed securities according to voluntarily delisting conditions
  • Approves Obligatory delisting for bonds, financing notes, investment fund certificates in the maturity date
  • Approves the dissemination of disclosure reports for capital amendment procedures or purpose modifications or stock split
  • Approves financial penalties according to Listing Rules, executive procedures and listing agreement signed by the legal representative of the company or the entity relating the continuing obligations, corporate governance and protraction of minority share holders
 
Membership Committee

The Egyptian Exchange Membership Committee is formed through a decree from its Board of Directors and chaired by the Chairman of the EGX. Its members include; 

Members of The Membership Committee
  • Legal Counselor
  • Accountant
  • At least 3 from the Egyptian Exchange BODs
  • Head of the Membership Sector
Members are committed to take into account the competition principals, conflict of interest and confidentiality of information while participating in the Committee and voting for its decisions.
 
Membership Committee convenes monthly or if necessary with the presence of the majority of its members, and it shall issue its decisions by a majority of votes.
 
The EGX Membership Sector assists the Committee in performing its functions and it's the executive sector that is responsible for the EGX membership and its procedures.
 
Violations attributed to the EGX members or its employees are presented to the committee additionally any suggestions regarding amending or implementing the membership rules.
 
In all cases dealing with the committee shall be through the membership sector.

 

Objectives of the Committee
  • Reviewing the Membership applications and verifying that all conditions and documents referred to in the rules are complete and then take a relevant decision.
  • Verifying the Technical and Financial conditions of the EGX Members and then take the relevant decision.
  • Examining violations attributed to the EGX members or its employees and take the relevant action as per the Executive Regulations of the Capital Market Law or the Contract between the EGX and its Members.
  • Submitting a proposal to the EGX BODs regarding suspending or removing members from the Membership Registry.
  • Receiving/Examining the members complains and suggestions and submitting it to the Membership Committee to take the relevant action.
As per the president decision No.(191) for the year 2009 Article No. (11), EGX should provide EFSA with all violations presented to the Membership Committee including the taken actions.
 
 

Operations Committee

The Operations Committee is responsible for studying & executing special term deals and trades if they fulfill certain specific conditions in order to achieve fairness and integrity in the capital market.
The main objectif of the Committtee is to ensure that these special deals and trades meet trading rules and ensures that there is no manipulation or malpractices by member firms as a result of those special deals.
 
 
Members of Operations Committee include:
 The Operations Committee is chaired by EGX Chairman and has the following members:
  • Vice Chairman "Member"
  • Deputy Head of Market Surveillance Division "Member"
  • Deputy Head of Disclosure Division "Member"
  • Deputy Head of Market Operations Division "2 Members"
  • Assistant Chairman for Market Affairs "Member"
 Technical Secretary:
  • Market Operations Department "Coordinator"
  • Market Operations Department Executive Manager "Coordinator's Coordinator"
 

EGX Index Committee

Established on 7 April 2004 by the Chairman of EGX.
 
Members of EGX Index Committee
  • Independent Committee.
  • Made up of 5 members.
  • Chaired by the Chairman of EGX
  • Four members from market participants (broker members, fund managers and bankers).
The following are the current members of EGX Index Committee
  • EGX Chairman
  • Mr. Karim Helal, Chairman, ADIB Capital Egypt
  • Mr. Mohamed Maher, Chairman and Managing Director, Prime Securities
  • Dr. Essam Khalifa, Managing Director, Al Ahly Fund & Portfolio Management CO.
  • Dr. Pacinthe Fahmy, President & Managing Director, Al Mashoura L.t.d Consulting Company
Objectives of Committee
  • Professionalize the index management of EGX by bringing transparency to it.
  • Ensure that global standards are applied in the Index Rules.
  • Oversee the ongoing management of the indices and changes to Index Rules.
  • Advise on the construction and methodology of new indices.
  • Initiate the development of transaction based indices such as ETFs on indices or options and futures on indices.
 

Surveillance Committee

The Surveillance Committee is formed as per a Decree issued by EGX Board of Directors. The Committee is held periodically, or whenever necessary, with a legal quorum of two third of its members. The Committee’s decisions are to be taken by the majority of votes.
 
Members of the Committee :
 
  • Vice Chairman "Chair"
  • Assistant Chairman for Market Affairs "Member"
  • Deputy Head of Market Surveillance Division "Member"
  • Deputy Head of Listing Division "Member"
  • Deputy Head of Market Operations Division "Member"
Technical Secretary:
Head of Market Surveillance Department
The Committee's Responsibilities

The Committee is responsible for examining the violations monitored by the Market Surveillance Division, on a daily basis, to assure the implementation of laws, regulations and decisions. The Committee also solves all disputes that might arise from daily transactions through rectification or cancelling their effects.

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