Egypt parliament approves major amendments for Capital Market Law

The Egyptian parliament has given its final approval to the amended Capital Market Law, the Investment and International Cooperation Ministry announced in a statement on Tuesday.

Forty-five articles of the 75-article 1992 Capital Market law were amended.

The amended law introduces new financial instruments including sukuks (bonds that generate returns in a way that complies with Islamic Sharia) and effectively abolishes the sukuks law that received government approval in 2013.

It also protects the rights of minority stakeholders in cases of company acquisitions.

Fees for securities registration were also lowered to encourage small and medium enterprises to find new sources of funding.