Egyptian parliament discusses amendments to Depository and Registration law

The Egyptian Parliament is currently discussing government proposed ammendments to Egypt's Central Depository and Registration law (93/2000).

This law affects stock market performance and creating a better investment environment by helping settle legal issues regarding financial securities.

The amendments include allowing private companies to enter the domain of the central depository and registration work that is currently under the monopoly of one company Misr Maqassa.

It also allows the for the monopolization of issuing financial securities like bonds and treasury bills, currently issued by the Central Bank, by a joint-venture company under CBE and under a licence by the Financial Control Authority that will be established solely for this purpose.

Deputy chairman of the economic committee of the parliament, Ashraf Al-Arabi stated that the committee will discuss the ammendments article by article to make sure it influences the business environment positive.