The document provides an overview of capital market regulation in Egypt. It discusses the Capital Market Authority (CMA) as the regulator of Egypt's capital markets. The CMA aims to develop efficient, orderly markets and protect investors. It outlines the CMA's regulatory powers over the Egyptian Exchange, depository companies, brokerage firms, and enforcement actions. Key points covered include CMA's application of IOSCO principles, oversight of disclosure requirements, and handling of investor complaints. The presentation emphasizes the importance of strong regulatory enforcement to ensure market efficiency.
Egypt corporate & regulatory compliance by dr. khaled. pppIhab Yahia
The document provides an overview of capital market regulation in Egypt by the Capital Market Authority (CMA). The CMA aims to develop efficient, orderly, and well-regulated primary and secondary markets to attract investment. It regulates the Egyptian stock exchange, brokerage firms, and other financial institutions. The CMA follows international standards like IOSCO principles and enforces disclosure rules and licensing requirements. It also handles investor complaints and requests criminal charges when violations occur. Going forward, the CMA seeks to strengthen regulatory enforcement through training, larger investment firms, and participation from advanced markets.
SEBI was established in 1988 and upgraded to a statutory body in 1992 through the SEBI Act. It is headquartered in Mumbai and regulates stock exchanges and other market intermediaries. SEBI aims to protect investors, ensure fair practices, and promote an efficient securities market. It has regulatory and developmental functions, including licensing market intermediaries and promoting research and investor education.
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The document is a report on the Bangladesh Securities and Exchange Commission (BSEC) presented to a lecturer. It includes an abstract, table of contents, and sections on the introduction, objectives, functions, and divisions of the BSEC. The BSEC regulates capital markets in Bangladesh, aims to protect investors, and works to develop fair and transparent regulatory frameworks based on international standards. It oversees organizations like the Dhaka Stock Exchange and regulates activities such as issuing stocks, investment advising, and trading securities.
Securities & Exchange commission of Pakistan (SECP)IRFAN UR REHMAN
This power point file contains the details of Securities & Exchange Commission of Pakistan (SECP), Its brief history, functions and objectives, organizational structure, process of registering a private company and divisions.
It also shows the types of companies at the end.
With Reference as: -
https://www.secp.gov.pk/
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The document discusses Australia's regulatory framework for the financial services industry. It outlines four key regulatory agencies: the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA), and the Treasury. It then provides details on the roles and responsibilities of each agency, including APRA's regulation of banks, insurers, and superannuation funds, and ASIC's regulation of financial markets and consumer protection in financial services.
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This document provides an overview of the Indian financial system and securities market. It discusses the key components and functions of the financial system including financial markets, products, participants and intermediaries. It also covers the money market and capital market. The document then discusses the securities market in more detail, covering its introduction and functions, role in economic growth, and the key regulatory framework including SEBI Act, SCRA, Depositories Act, and Companies Act. It concludes with securities market reforms undertaken by SEBI and an overview of the International Organization of Securities Commissions (IOSCO).
This document provides an overview of corporate governance and discusses the importance of the auditor's role. It addresses:
- The growth of corporate governance in response to globalization and economic reforms.
- Factors that have accelerated globalization like standardization, technology advances, and privatization.
- How corporate governance principles aim to protect shareholder rights and ensure transparency.
- The problem of improving auditor quality performance to better support corporate governance goals like accountability.
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The document presents the research plan which includes exploring previous studies, conceptual frameworks, the comptroller's mechanisms, and results/recommendations. The importance
Egypt corporate & regulatory compliance by dr. khaled. pppIhab Yahia
The document provides an overview of capital market regulation in Egypt by the Capital Market Authority (CMA). The CMA aims to develop efficient, orderly, and well-regulated primary and secondary markets to attract investment. It regulates the Egyptian stock exchange, brokerage firms, and other financial institutions. The CMA follows international standards like IOSCO principles and enforces disclosure rules and licensing requirements. It also handles investor complaints and requests criminal charges when violations occur. Going forward, the CMA seeks to strengthen regulatory enforcement through training, larger investment firms, and participation from advanced markets.
SEBI was established in 1988 and upgraded to a statutory body in 1992 through the SEBI Act. It is headquartered in Mumbai and regulates stock exchanges and other market intermediaries. SEBI aims to protect investors, ensure fair practices, and promote an efficient securities market. It has regulatory and developmental functions, including licensing market intermediaries and promoting research and investor education.
A report on Bangladesh Securities and Exchange CommissionHasibAlAmin
The document is a report on the Bangladesh Securities and Exchange Commission (BSEC) presented to a lecturer. It includes an abstract, table of contents, and sections on the introduction, objectives, functions, and divisions of the BSEC. The BSEC regulates capital markets in Bangladesh, aims to protect investors, and works to develop fair and transparent regulatory frameworks based on international standards. It oversees organizations like the Dhaka Stock Exchange and regulates activities such as issuing stocks, investment advising, and trading securities.
Securities & Exchange commission of Pakistan (SECP)IRFAN UR REHMAN
This power point file contains the details of Securities & Exchange Commission of Pakistan (SECP), Its brief history, functions and objectives, organizational structure, process of registering a private company and divisions.
It also shows the types of companies at the end.
With Reference as: -
https://www.secp.gov.pk/
Fin112 Overview Of Financial Services Law 2010Etienne Lawyers
The document discusses Australia's regulatory framework for the financial services industry. It outlines four key regulatory agencies: the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA), and the Treasury. It then provides details on the roles and responsibilities of each agency, including APRA's regulation of banks, insurers, and superannuation funds, and ASIC's regulation of financial markets and consumer protection in financial services.
Brief History, Responsibilities and Functions of the Securities and Exchange Commission in Nigeria.
The Securities and Exchange Commission (SEC) is the apex regulatory body for Nigeria's capital market. It, however, operates under the supervision of the Federal Ministry of Finance.
This document provides an overview of the Indian financial system and securities market. It discusses the key components and functions of the financial system including financial markets, products, participants and intermediaries. It also covers the money market and capital market. The document then discusses the securities market in more detail, covering its introduction and functions, role in economic growth, and the key regulatory framework including SEBI Act, SCRA, Depositories Act, and Companies Act. It concludes with securities market reforms undertaken by SEBI and an overview of the International Organization of Securities Commissions (IOSCO).
This document provides an overview of corporate governance and discusses the importance of the auditor's role. It addresses:
- The growth of corporate governance in response to globalization and economic reforms.
- Factors that have accelerated globalization like standardization, technology advances, and privatization.
- How corporate governance principles aim to protect shareholder rights and ensure transparency.
- The problem of improving auditor quality performance to better support corporate governance goals like accountability.
- The research objectives of emphasizing the impact of stronger auditing in activating corporate governance.
The document presents the research plan which includes exploring previous studies, conceptual frameworks, the comptroller's mechanisms, and results/recommendations. The importance
The document discusses financial services regulation in the UK. It provides information on the purpose of regulation, how regulation has developed over time, and the key regulatory bodies in the UK - the Prudential Regulation Authority (PRA), Financial Policy Committee (FPC), and Financial Conduct Authority (FCA). The FCA is responsible for regulating conduct in the financial markets and oversees firms to ensure they are authorized and individuals working in controlled functions are approved persons. The FCA also promotes the Treating Customers Fairly (TCF) initiative to protect consumers.
The document discusses financial services regulation in the UK. It provides information on the purpose of regulation, how regulation has developed over time, and the key regulatory bodies in the UK - the Prudential Regulation Authority (PRA), Financial Policy Committee (FPC), and Financial Conduct Authority (FCA). The FCA is responsible for regulating conduct in the financial services industry and aims to achieve its objective of protecting consumers through its "Treating Customers Fairly" (TCF) approach.
MiFID II is an EU directive that significantly expands the scope and requirements of the original Markets in Financial Instruments Directive (MiFID) implemented in 2007. MiFID II aims to strengthen financial stability, reduce systemic risk, and increase investor protection following the 2008 financial crisis. It broadens coverage to include more financial services firms and asset classes. Key changes under MiFID II include increased pre- and post-trade transparency, additional rules around algorithmic and high-frequency trading, and strengthened supervision of commodity derivatives markets. Compliance will require major operational changes for many financial services firms across areas like reporting, trading systems, research payments, and position limits.
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
The document provides an overview of the Securities and Exchange Board of India (SEBI). It discusses that SEBI was established in 1988 and upgraded to a statutory board in 1992. SEBI's main objectives are to protect investors' interests and ensure the orderly growth of the securities market. It regulates market intermediaries and enforces regulations regarding issues like insider trading and takeovers. The document also summarizes SEBI's role, powers, departments and its involvement in investigating the Satyam scam.
Created By: Chirag Singla Student B.com(CA)
In that Powerpoint Presentation
~ Meaning of Capital Market, Different Types of Financial Instruments
~ Role and Functions of Capital Market.
~ Types of Capital Market, i.e. Primary Market & Secondary Market
~ Primary Market
~ New issue Market
~ E-IPO
~ Secondary Market and its produv
~ Process of trading
~ Difference Between Primary And Secondary Market
~ SEBI (Securities Exchange Board of India)
~ Regulation of Stock Exchange
~ Ministry of Finance
~ Governing Body
~ Regional Stock Exchange in India and News Channels where the Stock Prices on Tv.
By this above description the Powerpoint Presentation is ended
Unlocking the Value of Regulatory Compliance to Advance Financial Planning &...Proformative, Inc.
Call reporting, DFAST, CCAR - the amount of time and energy spent by banks to comply with cumbersome banking regulations is painful at best. You can turn this process into an advantage for your company by leveraging current advances in technology to cost-effectively streamline compliance with regulatory requirements and deliver more advanced planning and analysis that fuels company growth.
The Securities and Exchange Board of India (SEBI) was established in 1988 as an interim administrative body to regulate and develop the securities market. It was given a statutory status in 1992 through an act of Parliament. SEBI was established to address various malpractices in the capital market such as non-adherence to regulations, delay in share delivery, and lack of investor protection. SEBI aims to protect investors, regulate stock exchanges and intermediaries, and ensure orderly development of the securities market. Some key functions of SEBI include registration of market players, prohibiting unfair trade practices, and conducting investor education.
AIFMD is an EU directive that regulates managers of alternative investment funds (AIFs) marketed in Europe. It requires AIFMs to be authorized, meet operating conditions like remuneration policies and risk management, and provide annual reports, disclosure to investors, and regulatory reporting. Authorized AIFMs can obtain a passport to market funds across the EU, while non-EU AIFMs are subject to private placement regimes. The directive aims to prevent financial risks and increase transparency in the European alternative investment industry.
SEBI was established in 1988 and given statutory powers in 1992 to protect investors in the securities market. It regulates and develops the Indian securities market. SEBI oversees new public issues by requiring companies to file an offer document for observation before proceeding with an issue. It has established entry norms for public issues to ensure eligibility, including requiring a minimum net worth, distributable profits over 3 years, and restricting issue size. Companies not meeting entry norms 1 can use alternative routes like book building with 50% allocated to QIBs or compulsory market making for 2 years. SEBI's role is to regulate the new issue market and protect investors.
The Securities and Exchange Board of India (SEBI) was established in 1992 as the regulator of the securities market in India. SEBI's objectives include protecting investors, regulating stock exchanges and securities markets, and promoting their development. SEBI has regulatory and developmental functions like registering and regulating intermediaries such as stock brokers, regulating insider trading, and promoting investor education. It oversees stock exchanges, mutual funds, and other market participants and has powers to license, inspect, and enforce compliance with securities laws in India.
The document provides an annual report from the Securities and Exchange Commission of Pakistan (SECP) covering the period from July 1, 2008 to June 30, 2009. It discusses the major economic turbulence globally and in Pakistan's markets during that period. It outlines various measures SECP took to stabilize markets, including placing floors on stock prices and new valuation and provisioning criteria for debt securities held by mutual funds. It also summarizes SECP's efforts to improve regulatory frameworks, facilitate companies, and enhance investor protection and confidence.
The document discusses the challenges of capital market regulation in Nigeria. It describes events like the 2007 bank consolidation policy, Nigeria's capital market crisis in 2008, and the global financial crisis that impacted the Nigerian market. Some key challenges discussed include companies failing to comply with financial disclosure requirements, weaknesses in the regulatory framework being exposed, and a lack of collaboration between regulators. Effective regulation is presented as important for capital markets to function in a transparent, fair and risk-reduced manner.
The document discusses various ethical issues that arise in the corporate financial sector, including accounting, financial markets, and mergers and acquisitions. It outlines ethical problems such as underreporting income, market manipulation, and anti-competitive practices. Laws and regulations established to promote ethics are also summarized, such as GAAP, SEBI, the Competition Act 2002, and the Consumer Protection Act 1986.
This document provides an overview of key concepts related to auditing standards and regulations in Malaysia. It discusses the roles of professional bodies like MIA and MICPA in establishing auditing standards. It also outlines the regulatory authorities that govern auditing in Malaysia, including the Central Bank, Securities Commission, and Companies Commission of Malaysia. The standards used in auditing are also introduced.
This document discusses financial disclosure practices in Pakistan. It provides an introduction to good corporate governance principles of transparency, accountability, fairness and responsibility. It then gives a brief history of corporate governance development in Pakistan, including key acts, regulations and codes issued. The document outlines requirements for financial disclosure in annual reports and reasons for financial disclosure. It discusses advantages such as regulatory compliance, reputation and investor interest, and disadvantages of non-disclosure. It also describes instances of financial fraud in Pakistan such as the PTCL and Crescent Investment Bank scandals.
SEBI - Security Exchange Board of IndiaNandhakumar M
SEBI was established in 1992 to regulate the securities markets and protect investors. It aims to promote orderly development of the markets and ensure investor protection. SEBI has various powers to regulate stock exchanges, intermediaries, and impose penalties. Its functions include protective, developmental, and regulatory roles like prohibiting unfair practices, promoting training, and regulating intermediaries. Over time, SEBI has helped transform trading infrastructure and made the markets safer for investors.
The document provides guidance on writing effective business communications. It discusses the importance of considering your audience and having a clear, focused message. It also covers how to craft positive, negative, and persuasive messages. Additionally, it outlines the three-part writing process of planning, writing, and revising business messages and how to properly format documents using word processing software like Microsoft Word and Google Docs.
This document provides an overview of effective business communication. It discusses the importance of communication skills for managers and identifies key learning outcomes around communicating in business. Some main points covered include the seven principles of effective business writing, understanding audience and purpose, the social communication model, differences between verbal and nonverbal communication, guidelines for ethical communication, and tools for staying connected with colleagues and customers in the digital age.
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The document discusses financial services regulation in the UK. It provides information on the purpose of regulation, how regulation has developed over time, and the key regulatory bodies in the UK - the Prudential Regulation Authority (PRA), Financial Policy Committee (FPC), and Financial Conduct Authority (FCA). The FCA is responsible for regulating conduct in the financial markets and oversees firms to ensure they are authorized and individuals working in controlled functions are approved persons. The FCA also promotes the Treating Customers Fairly (TCF) initiative to protect consumers.
The document discusses financial services regulation in the UK. It provides information on the purpose of regulation, how regulation has developed over time, and the key regulatory bodies in the UK - the Prudential Regulation Authority (PRA), Financial Policy Committee (FPC), and Financial Conduct Authority (FCA). The FCA is responsible for regulating conduct in the financial services industry and aims to achieve its objective of protecting consumers through its "Treating Customers Fairly" (TCF) approach.
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MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
The document provides an overview of the Securities and Exchange Board of India (SEBI). It discusses that SEBI was established in 1988 and upgraded to a statutory board in 1992. SEBI's main objectives are to protect investors' interests and ensure the orderly growth of the securities market. It regulates market intermediaries and enforces regulations regarding issues like insider trading and takeovers. The document also summarizes SEBI's role, powers, departments and its involvement in investigating the Satyam scam.
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In that Powerpoint Presentation
~ Meaning of Capital Market, Different Types of Financial Instruments
~ Role and Functions of Capital Market.
~ Types of Capital Market, i.e. Primary Market & Secondary Market
~ Primary Market
~ New issue Market
~ E-IPO
~ Secondary Market and its produv
~ Process of trading
~ Difference Between Primary And Secondary Market
~ SEBI (Securities Exchange Board of India)
~ Regulation of Stock Exchange
~ Ministry of Finance
~ Governing Body
~ Regional Stock Exchange in India and News Channels where the Stock Prices on Tv.
By this above description the Powerpoint Presentation is ended
Unlocking the Value of Regulatory Compliance to Advance Financial Planning &...Proformative, Inc.
Call reporting, DFAST, CCAR - the amount of time and energy spent by banks to comply with cumbersome banking regulations is painful at best. You can turn this process into an advantage for your company by leveraging current advances in technology to cost-effectively streamline compliance with regulatory requirements and deliver more advanced planning and analysis that fuels company growth.
The Securities and Exchange Board of India (SEBI) was established in 1988 as an interim administrative body to regulate and develop the securities market. It was given a statutory status in 1992 through an act of Parliament. SEBI was established to address various malpractices in the capital market such as non-adherence to regulations, delay in share delivery, and lack of investor protection. SEBI aims to protect investors, regulate stock exchanges and intermediaries, and ensure orderly development of the securities market. Some key functions of SEBI include registration of market players, prohibiting unfair trade practices, and conducting investor education.
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The document provides an annual report from the Securities and Exchange Commission of Pakistan (SECP) covering the period from July 1, 2008 to June 30, 2009. It discusses the major economic turbulence globally and in Pakistan's markets during that period. It outlines various measures SECP took to stabilize markets, including placing floors on stock prices and new valuation and provisioning criteria for debt securities held by mutual funds. It also summarizes SECP's efforts to improve regulatory frameworks, facilitate companies, and enhance investor protection and confidence.
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This document provides an overview of key concepts related to auditing standards and regulations in Malaysia. It discusses the roles of professional bodies like MIA and MICPA in establishing auditing standards. It also outlines the regulatory authorities that govern auditing in Malaysia, including the Central Bank, Securities Commission, and Companies Commission of Malaysia. The standards used in auditing are also introduced.
This document discusses financial disclosure practices in Pakistan. It provides an introduction to good corporate governance principles of transparency, accountability, fairness and responsibility. It then gives a brief history of corporate governance development in Pakistan, including key acts, regulations and codes issued. The document outlines requirements for financial disclosure in annual reports and reasons for financial disclosure. It discusses advantages such as regulatory compliance, reputation and investor interest, and disadvantages of non-disclosure. It also describes instances of financial fraud in Pakistan such as the PTCL and Crescent Investment Bank scandals.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
2. Presentation Outline
Introduction.
Regulator, Regulation and Regulated Companies.
Financial Institutions in Egypt.
Rules Governing Financial Institutions in Egypt.
CMA as a Capital Market Regulator in Egypt.
Legal Framework.
Judicial Rulings.
Concluding Remarks.
3. Introduction
Background…
EGX : Among oldest exchanges in region
- Alexandria: established 1883, Cairo: 1903
- Ranked 5th in the world in 1940s
However, capital markets languished post WW2
- Central planning and nationalization during 1950’s -60’s
CMA: established in late 1970’s
1991: Start of economic reforms
1992: Capital Market Law
1994: Start of privatization
4. Introduction (Cont.)
Macroeconomic Stabilization & Improved Performance:
- Transition to unified flexible FX rate regime (Dec.2004)
- Subsequent stabilization
- Strengthened external position
Structural Reforms:
- Privatization
- Financial Market Reform
- Recent capital market reforms:
e.g. automated trading, primary dealership, “One-stop Shop”
5. Regulator – Regulation and Regulated
Companies
Regulation can be either friend or foe to the main operating
company or companies.
Company and regulator have a common interest in the
success of the sector.
The best basis for this is successful main operators are:
competitive/profitable/innovative.
However the regulator needs to enable effective
competition to develop.
Successful resolution of this tension depends on an
effective working relationship.
6. Building an effective relationship between
regulators and regulated companies
Main elements:
- Active management (on both sides)
- Practical arrangements, e.g. interconnection
- Provision of full information
- Arrangements to ensure compliance
- Straightforward approach to enforcement
7. Regulator’s main goals
The main Regulator’s aim is to create successful
circumstances for the financial sector:
- efficient
- profitable
- good services
- more valuable money
- extended access to affordable services
Regulated companies have similar goals
This creates a strong shared interest, despite inevitable
tensions.
10. Financial Regulators In Egypt
Before July 2009 From July 2009
- Central Bank of Egypt
- Capital Market Authority
- The Insurance Supervisory
Authority
- The Mortgage Finance
Authority
- New Authority was established
by Law No. 10 of 2009
- Central Bank of Egypt
11. Why regulate capital markets?
Capital markets are large and important
Financial stability is crucial to the well-being of a
modern economy
Investors may need protection from the risks
posed by complex financial products
Therefore…
Regulator = Trust
12. CMA as a Market Regulator and Supervisor
About CMA: CMA Is a governmental body that establishes, monitors,
reforms and enforces regulations In Egypt’s Capital markets.
CMA’s goals: The Authority’s primary goals are to protect investors
and to encourage the development of efficient, orderly, and well-
regulated primary and secondary markets for securities.
CMA’s Vision: CMA is seeking to develop Egyptian capital markets to
be more efficient and competitive for attracting and directing both
local and foreign savings for investment in Egypt. This approach is
achieved through the application of international standards and
practices in leading and emerging capital markets, and so that the
Egyptian capital market becomes a pioneer on the regional level
among the Middle East and the Arab countries.
13. Laws Governing CMA’s Role
Law of the Central Bank,
the Banking Sector and
Money
No. 88 of 2003
Insurance Supervision and
Control Law No. 10 of 1981
Insurance Supervision and
Control Law No. 10 of 1981
Main Provisions
Capital Market Law
(No. 95 of 1992)
Central Depository Law
(No. 93 of 2000)
Money Laundering Law
(No. 80 of 2002)
16. International Principles & Standards
Main Categories
IOSCO had resolved thirty (30) principles in 8 categories to regulate capital markets
of member countries, to fulfill the protection of investors. CMA follows these
principles, and amongst them:
Principles relating to the Regulator
Principles for Self Regulation
Principles for the Enforcement of Securities Regulation
Principles for Cooperation in Regulation
Principles for Issuers
Principles for Collective Investment Schemes
Principles for Market Intermediaries
Principles for the Secondary Market
17. CMA SUPPORT AND DEVELOPMENT TO
SECURITIES INTERMEDIARIES
In 2008, the CMA made many efforts in this respect. Chief among
them were the following:
1. Working on startup of system of qualifying and licensing staff in
securities companies.
2. Establishing and activating the record of branches of securities
brokerage companies.
3. Studying development of licensing requirements for brokerage
companies regarding insurance requirements.
4. Supporting brokerage companies as related to application of capital
adequacy requirements.
5. Continuation of work of the committee for verbal and written
testing of managing directors and staff in securities companies.
18. 1 - Regulating the Egyptian Exchange
The supervision and regulation of the Egyptian Exchange include:
- Licensing private stock exchange.
- Assigning maximum and minimum levels of trading securities
prices in case of emergencies.
- Approving internal regulations, membership eligibility, rules
governing securities exchange.
- Ensuring transparency of trading.
- Supervision of exchanges and trading systems
- Detecting and deterring manipulation and other unfair trading
practices.
19. 2 - Regulating Depository and Registry
Companies
The supervision and regulation of the Egyptian Exchange include:
- Licensing to practice activities.
- Approving internal regulations.
- Supervising the company and inspect its activities in accordance
with the provisions of the Capital Market Law applicable to
securities companies.
- Appointing an observer at any meeting of the board of directors of
the company
- Establishing rules pertaining to measures to be taken against the
company in the event of violation of CML or any other related laws.
- Verifying the existence of appropriate and sufficient systems and
procedures for safeguarding the securities.
20. 3 - Regulating Brokerage Companies
The supervision and regulation of Brokerage Companies by the CMA
include:
- Controlling the activities of these companies to ensure that
transactions in securities are carried out on sound basis and are not
defected by any fraud, swindle, deception, exploitation,
manipulation or speculative practices.
- Licensing.
- Developing standards, requirements and rules.
- Approval of rules or operational changes.
- Monitoring through reporting, inspections and auditing.
- Enforcement.
21. Administrative Measures
Appointing an
observer on the
board of the
company
Suspension of
activities
Preventing the
company from
performing part or
all of its licensed
activities
Revocation of the
company’s license
22. Inspecting Securities Companies
Risks of securities brokerage companies are divided into three categories: high
risk, medium risk, and low risk companies.
There are various risks: credit risks, operation risks, liquidity risks, settlement
risks or market risks.
The CMA seeks to determine risks which companies are exposed to due to their
non-compliance with the provisions of the CMA Chairman’s decision No. 49/ 2006
and capital adequacy rules issued by his decision No. 14/ 2007, and means to
address them.
During 2008, a total of 141 companies underwent periodic inspection according to
an inspection plan. In addition, 107 companies were given surprise inspection on
the basis of complaints filed against them or their impact on the market.
23. Surveillance of compliance of companies with
rules of disclosure
- Within the framework of the CMA’s commitment to make listed
companies comply with rules of disclosure, the Finance and Corporate
Governance Sector received a 2,228 financial statements during 2008,
prepared detailed and analytical studies of data collected about these
companies.
- The CMA commented on 1,915 financial statements to enforce
compliance with Egyptian accounting and auditing standards. It also
reviewed financial statements of 176 companies engaged in intraday
trading.
24. Protecting investors and investigating their
complaints against securities companies
Within the framework of the strategy of the CMA for developing the
infrastructure including its organizational structure, developing the
new department that was introduced to receive complaints of market
participants (i.e. Market Participants Complaints Department)
continued. This department is concerned with reviewing all complaints
filed with the CMA and seeking the opinions of parties thereof.
To undertake this role, i.e. removing causes of complaints, some
documents from institutions operating in the market (e.g. the Stock
Exchange, Misr for Clearing, and custodians) must be provided. In
addition, necessary investigations with parties to complaints are
conducted to remove these complaints, return rights to their rightful
owners, and penalize those who do not comply with provisions of Law
95/ 1992 and its executive regulations.
25. Complaints filed within the CMA in 2008
Status
Causes removed and complaint solved
Financial and commercial affairs office
Investor Protection Fund
Central Department for Inspection
Other complaints
314
18
8
52
8
Number of
complaints
26. Cases and Initiating Criminal Action
In 2008, legislative amendments were introduced to the
Capital Market Law which, according to Article 69 (bis)
therein, vested the CMA Chairman with the powers to
initiate criminal actions for offences committed in
violation of this law. The number of criminal actions that
the Chairman requested their initiation were 46.
27. Issues for the Future: The Importance of
Regulatory Enforcement
- Without strong regulator, market efficiency will be
elusive.
- Major regulatory agencies such as SEC have failed to
detect major inaccuracies in company accounts and
nondisclosure.
- African regulators are still poorly resourced:
Poor market surveillance
Limited analytical and investigative capacities
28. Doing it Right and Preparing for the Next
Millennium
Extensive training needed.
Larger and stronger investment houses with capability
to organize information.
Participation by investment houses from advanced
markets will be a plus for market efficiency.
www.african-cap.org 28
29. FINAL REMARKS
“Legislation is not always the solution”.
- So :
Increasing Regulatory Quality is a must and
continuing operation.
Judicial training.
Legal profession.