Referring to what has been tackled in media and websites regarding some
declarations made by some employees and officials at some organizations
and companies in the capital market field; that EFSA will apply new
trading mechanisms and the date of its application, EFSA would like to
highlig ht on the following:
First: According to the legislations regulating Capital Market,
especially, Law no. 10 of 2009 for Regulating Non-Banking Financial
Markets and Instruments, EFSA is maintaining the integrity and stability
of the market. EFSA regulates the market and it is interested in
developing it and protecting the rights of its dealers. In addition ,
EFSA provides all the means and systems that ensures the efficiency and
transparency of the market and it issues the rules related to this. EFSA
has the right to set and approve the rules regulating financial
instruments. Also, it set the rules and regulations needed for granting
licenses to practice market’s activities. It can suggest and approve new
Second: Any new trading mechanism or rule shall has the legal
frame, rules and regulations which define the technical basis for such
mechanism as well as the scope of responsibility of the body which will
implement it. It shall include the rights and obligations of its
dealers. EFSA’s BOD shall approve these rules. EFSA is interested in
verifying the fact that such rules being set by the competent body are
compatible with the best international practices in this regard. Also,
EFSA is keen on negotiating with the market parties regarding the
technical basis as often as necessary and depending on the circumstances.
Third: Before applying any new trading mechanism, EFSA verifies
the availability of the technical systems and programs- needed to
activate the new mechanism- at the Egyptain Exchange, Misr for Central
Clearing, Depositary and Registry and companies operating in securities.
Also, EFSA sets the systems and programs that regulate the
implementation of the new mechanism.
Fourth: EFSA ensures the fact that the application of the new
mechanism will not increase the risks which may affect the stability of
the market, the activities of its institutions and the benefits of its
dealers. Also, EFSA is keen on providing all means that protect dealers
from these new mechanisms.
Fifth: EFSA will set the date which it may consider appropriate -
to consult the concerned parties- regarding activating any new mechanism
in accordance with market’s conditions and needs and depending on the
actual willingness of the competent parties to apply these rules .EFSA
will announce the date on its website www.EFSA.gov.eg
and in the media for all and at the same time. EFSA will grant the
companies a sufficient period prior to applying the mechanism in order
to know these new mechanisms, provide the needed requirements for its
clients, obtain the approval from EFSA regarding this issue, conduct
tests for employees and grant the needed licenses.
Sixth: EFSA calls upon all market’s parties to abide by the
priorities of application related to the market and all the mentioned
considerations which govern the application of any trading mechanism in
a way that grants the stability of transactions in the market.
Finally, EFSA asserts that it welcomes any inquires or suggestions from
all parties in the market and the media regarding the current trading
mechanisms and the date of its application.