The board of directors of the Financial Regulatory Authority (FRA) issued a decision to amend some of the provisions of the rules for new listings on the Egyptian Exchange (EGX), as well as rules for continuation and delisting, through adding rules stipulated in article 6 of Law 95 of 1992.
Mohammed Omran, chairperson of the FRA, said in a press statement on Wednesday that the rules oblige each listed company to submit its annual financial statements and comptroller (auditor) report a month before the date set for the general assembly of the company, and the commission to examine the aforementioned documents.
The authority shall inform the company of its remarks, should it have any, requesting that the companies review the documents in accordance with the results of the examination.
If a company does not comply with implementing the remarks of the commission and the amendments requested, at the time of publication of the financial statements and the auditor’s report, the company shall publish with its financial statement the remarks and bear the expenses for it.
Omran pointed out that the amendment came in light of the Financial Regulatory Authority’s exercise of its supervisory role with respect to companies listed on the EGX and to expand the umbrella of protection for the shareholders of such companies.