FRA gives companies listed on EGX until end-May to submit their 1Q financial statements

The Financial Regulatory Authority (FRA) extended on Wednesday the deadline for companies listed on the Egyptian Exchange (EGX) and entities subject to the authority’s supervision and control, to submit their periodic financial statements to 30 May.

The decision comes with the aim of facilitating the companies listed on the Egyptian Exchange and the entities authorized to engage in non-banking financial activities, and in light of the economic changes,

According to the first article of the decision, companies whose securities or financial instruments are listed on the Egyptian Exchange and entities subject to the supervision and control of the Authority are expected to submit their periodic financial statements for the financial period ending on 31 March 2023, no later than 30 May 2023.

The second article of the decision stipulates that it shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange, and shall be enforced from the day following the date of its issuance.

The Financial Regulatory Authority is moving forward towards taking all necessary efforts to create a stimulating business environment within the non-banking financial sector and achieve stability in non-banking financial markets and the safety of their dealings, regulation and development, and the balance of the rights of all parties dealing with the provision of means and systems and the issuance of rules that ensure the efficiency of these markets and the transparency of activities in which it is practiced, to enhance the role of non-banking financial activities in the national economy.