The Egyptian Financial Supervisory Authority in a press statement on Tuesday decreed no stocks should be registered or traded in the market without the authority's prior approval. The statement justified the move as a bid to protect traders' rights. The statement referenced a number of new market control measures including a ban on the issuance of deposit certificates by companies enlisted in the stock market without the authority's approval. Head of the authority Ziad Bahaa Eddin said the new regulations will enhance market transaction transparency. The regulations will also apply to laws overseeing firm mergers and buyouts, according to the statement. The new rules will protect the rights of shareholders in companies fragmented by sales, the statement added.
