CAIRO – 4 April 2021: Chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, issued Executive Decision No. 46 of 2021 to allow companies licensed to practice the activity of managing investment funds to manage the financing of purchases of securities on margin. He said that the company licensed to practice the activity of managing investment funds must commit to contracting with securities brokerage companies that have obtained the approval of the Authority to engage in the activity of buying on margin for securities and to determine the rights and obligations of each party. The Chairman of FRA stressed that the financing of brokerage companies when practicing margin purchases should be limited to the list of securities that meet the conditions and standards set by the Stock Exchange and approved by the Authority. FRA’s records reveal that 64 companies have obtained a license to practice the activity of managing investment funds.

Source: Egypt Today April 04, 2021 13:18 UTC