Cairo And Alexandria Stock Exchanges Have Incorporated Into One Entity Called The Egyptian Exchange - Amendments In The Capital Market Law No. 95/1992

The People's Assembly has approved the amendments of the capital market law No. 95/1992. In that respect, the Minister of Investment declared that these amendments come in line with the government's efforts to widen the investors' base and enhance the capital market through supporting the supervisory competencies of the CMA. The amendments include reducing the minimum nominal share value to ten piasters instead of LE 1, creating a special registry for auditors who are entitled to oversee and review securities companies operating, companies with listed securities on the stock market and public subscription companies. Besides, violations to the capital market law will be punished by a fine up to LE 20 million in some serious crimes, which add risks to the market and give illegal returns of million of pounds.

Moreover, in order to strengthen the role of the Egyptian stock exchange and facilitate dealing through it, both Cairo and Alexandria stock exchanges have incorporated into one entity called the Egyptian Exchange. Additionally, the Minister of Investment reaffirmed that the new amendments will not cancel tax exemptions on capital market transactions.