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Listing Committee
The Listing Committee of EGX is formed by a Decree issued by EGX Board of Directors. The Committee is responsible for implementing the listing and delisting rules at EGX that are issued by FRA Board of Directors Decree No. 11 of 2014 on 22/1/2014 and their amendments. EGX Listing Committee is also responsible for implementing the executive procedures of the listing and delisting rules at EGX that are issued by EGX Board of Directors Decree on 11/2/2014 and approved by FRA Chairman on 12/2/2014 and its amendments and the related decrees. The Listing Committee’s decisions are issued based on the memos prepared by EGX Listing and Disclosure Divisions.
EGX Listing Committee Responsibilities:
- Initial listing of new securities (shares/ corporate bonds/ government bonds/ sukuks/ investment fund certificates/ Egyptian depositary receipts)
- Approving the extension of the grace period for the offering of companies that are initially listed, in light of the company' justifications for the extension
- Approving the publishing of disclosure reports for offering or the offering prospectus as per Articles (7) and (9) of Listing Rules
- Approving listed securities' modifications (corporate capital increases/ corporate capital decreases/ stock split/ purpose amendments/ periodic redemption of bonds… etc)
- Approving the compulsory delisting for listed securities that did not fulfill the post listing obligations
- Approving the voluntary delisting for listed securities according to voluntary delisting requirements
- Approving the compulsory delisting for bonds, sukuk, investment fund certificates in the maturity date
- Approving the publishing of respective disclosure reports for capital amendments or change/addition to the company's line of business or stock split. This in addition to approving the publishing of a detailed release concerning the procedures of the company's employee stock option plan (ESOP) and their amendments
- Approving the penalties and fines imposed according to the Listing Rules, executive procedures and the listing contract signed by the legal representative of the listed company, for non-compliance to listing, disclosure and corporate governance rules.
Membership Committee
EGX Membership Committee is formed by a decree from its Board of Directors and chaired by the Chairman of EGX. Its members must include a legal counselor, an accountant, at least 3 from EGX BOD members, in addition to the Head of the Membership division.
All 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.
The Membership Committee convenes on a monthly basis or if necessary with the presence of the majority of its members, and its decisions should be issued by a majority of votes.
EGX Membership division assists the Committee in performing its functions and it is the one responsible for EGX membership procedures. The committee should have a secretariat to be selected from EGX Membership division' employees.
Violations attributed to EGX members or its employees are presented to the committee, in addition to any suggestions regarding amending or implementing the membership rules.
In all cases, any dealing with the committee shall be through the Membership division.
Responsibilities of the Committee
- Reviewing the Membership applications and verifying that all conditions and documents referred to in the rules are completed and then take the appropriate decision.
- Verifying the technical and financial conditions of EGX Members and then take the appropriate decision.
- Examining violations attributed to EGX members or its employees and take the appropriate actions as per the Executive Regulations of the Capital Market Law or the Contract between EGX and its members.
- Submitting a proposal to EGX BOD regarding suspending or removing members from the Membership Registry.
- Receiving/Examining the members’ complaints and suggestions. The membership division should submit the complaints/suggestions it receives to the Membership Committee to take the appropriate action.
As per the Presidential Decree No.(191) of 2009 Article No. (11), EGX should provide FRA with all violations presented to the Membership Committee including the actions taken.
Operations Committee
The Operations Committee is responsible for the study and the execution of special-terms transactions that cannot be executed in the open market, whereby specific terms and conditions need to be fulfilled before execution to guarantee fairness and integrity in the capital market. The main objective of the Committee is to ensure that these special deals and trades are in compliance with trading rules and that there are no manipulation or malpractices by member firms as a result of those special deals.
EGX Index Committee
It was established on April 7th 2004 according to EGX Chairman's Decision.
Objectives of the Committee
- Enhancing transparency of EGX indices by having an independent committee with reputable members.
- Ensuring that the index rules are on par with global standards.
- Supervising the ongoing management of the indices and the changes to Index Rules.
- Offering technical advices for the establishment and the methodology of new indices.
- Introducing new index-based products such as ETFs or options and futures.
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.
Responsibilities of the Committee
The Committee is responsible for examining the violations monitored by the Market Surveillance Division, on a daily basis, to assure the proper implementation of laws, regulations and decisions. The Committee also handles the conflicts that might arise from daily transactions by rectifying or cancelling their effects thereof.
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