"FRA" and "GAFI" agree to form a standing joint coordinating committee to cooperate in implementing executive decisions on companies listed on the Egyptian Stock Exchange (EGX) and companies operating in non-banking financial activities.
Dr. Farid: the joint coordinating committee is assigned key subject matters, and submits its reports periodically to the leadership of the two authorities to promptly consider the common issues of listed companies on EGX and companies operating in non-banking financial activities.
Counselor Abdel Wahab: the joint committee will work on cooperation and coordination in several common matters to serve investors and stimulate investment in Egypt.
Chairman of the Financial Regulatory Authority "FRA" Dr. Mohamed Farid and GAFI CEO Counselor Mohamed Abdel Wahab met with the leaders of the two authorities to set up a sustainable coordination framework to accelerate the pace of problem solving; unify; and coordinate the regulatory efforts between the two authorities in order to improve the investment ambience.
During the meeting, it was agreed to form a coordinating committee of the executive leaders of the two authorities to work on all common files. The committee will coordinate efforts with regard to cumulative voting applications; accelerate the pace of mergers for companies under the supervision of FRA through extensive representation of FRA in the committees concerned with economic performance to expedite the process of merger; and stimulate companies to register in the Central Registry in implementation of Companies Law as amended.
In addition, the committee will speed up the pace of solving investor problems in a way that would provide a more favorable business environment. It was also agreed that the committee will meet twice a month, so that it will submit its reports periodically to each of the two heads of the authorities including all the measures taken and the required coordination.
GAFI CEO confirmed that the working mechanism represented in the formation of the joint committee of specialists of the two authorities will facilitate the flow of monitoring reports and coordination to take the necessary measures in several common matters to serve investment in Egypt.
Counselor Mohamed Abdel Wahab said that GAFI never stops facilitating the necessary legal procedures to attract investors, and it works on overcoming any obstacles that may hinder the flow of foreign investments.
The meeting was attended by senior leaders from the two authorities, and at the end of the meeting, Dr. Farid escorted the attendees on an inspection tour to the Financial Literacy Knowledge Hub affiliated to FRA to learn about its activities that work in harmony and coordination in one place.
