Allowing Egyptians Abroad To Get Coded On The Stock Exchange Through Their Passports - After The Approval Of FRA On EGX Proposal - Egyptians Abroad Are Allow To Get Coded And Update Their Data Using Their Passports

Within the continuous cooperation between the Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX), to simplify and facilitate procedures for investors to enhance the trading and raise the market’s liquidity, FRA approved EGX’s proposal that allows the Egyptians abroad to be coded and to update their data using their valid passports that hold their national ID numbers. This gives this the facility to discard the condition of a valid national ID.

Many of the Egyptians abroad wishing to trade at EGX face difficulties in the coding process and in updating their data through the brokerage firms allowed to proceed with this process because of the expiration of their national IDs and the difficulty of renewing them due to their presence outside Egypt.

Mohamed Farid, EGX Chairman, commented that this decision will contribute in removing the obstacles that face the Egyptian investors abroad which used to hinder their activity at the stock market. That also used to impede their participation in the government’s IPO program.
Reference to EGX Chairman, this decision comes within the EGX management’s efforts to simplify and facilitate all procedures to enhance trading and liquidity as well as stimulate the transactions.

EGX notified the brokerage firms to commence implementing the decision. The required documents will be as follows (in case of the absence of a valid national ID):
1. A copy of a valid passport (containing the national ID number) as an alternative to the national ID.
2. A copy of the document that states that the person is abroad while applying for the coding or updating the data.
3. An official copy of a power of attorney authenticated by the Consulate and certified by the Ministry of Foreign Affairs.
4. An official copy of a valid national ID for the representative for the Egyptian abroad.

The decree finally states that the code will expire by the expiry of the passport (7 years) that is used for the coding, and that all the documents mentioned above must be signed and stamped the requesting brokerage.