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Ministry of Investment cancels EGP 10,000 fee for depositing securities at MCDR - Daily News Egypt

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Ministry of Investment cancels EGP 10,000 fee for depositing securities at MCDR

Decision eases way for SMEs to register in the central depository system, says MCDR Managing Director

The Ministry of Investment cancelled the minimum fee of EGP 10,000 for registering in Misr for Central Clearing, Depository, and Registry (MCDR).

MCDR Managing Director Tarek Ezzat Abdelbary noted that registration fees are limited to 0.1% of the company’s capital.

This step eases the way for small and medium-sized enterprises (SMEs) to register in the central depository system. He said the depository system will help safeguard investors’ rights through saving their securities electronically in accounts that will be opened upon the establishment of the company.

Minister of Investment Ashraf Salman declared Tuesday that small companies with capita of less than EGP 5m will pay EGP 500 in registration fees, rather than EGP 5,000 as an annual fee to register their securities in MCDR.

The Ministry of Investment explained that this step is aimed to encourage companies to list their shares under the central depository system.

MCDR was launched in 1996 and its fees were determined in agreement with the Egyptian Financial Supervisory Authority (EFSA). After the enactment of Law 93/2000 for depository and central registry of securities; determining the fees was transferred under the minster of investment’s jurisdiction.

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