In its last session, EFSA’s BOD amended Article 33 of the Securities Listing and Delisting Rules to accurate clear definition of parties, persons and related groups. In this respect, Article 33 stated that without prejudice to the provisions of Chapter 12 of the Executive Regulation of Capital Market Law no. 95 of 1992, any listed company wishes to takeover – solely or through its subsidiary or affiliate according to its definition in the Egyptian Accounting Standards- 20% or more of the capital or voting rights in an unlisted company shall present a study to the Exchange prepared by an independent financial advisor who is listed at EFSA’s registry .The said study shall include the fair price of the target company’s securities. A report prepared by the company’s auditor shall be attached to the study as well as the minute of the company’s BOD that approves the said study.