Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EFSA to finalise financial evaluation rules
Chairman will personally revise the standards of evaluation
Published in Daily News Egypt on 28 - 10 - 2015

The Egyptian Financial Supervisory Authority (EFSA) will soon finalise the financial evaluation rules, said EFSA Chairman Sherif Samy.
He added he will personally revise the rules before announcing them to workers in the Egyptian Stock Exchange (EGX).
Samy explained that the major aspects of the rules include the evaluation methods in accordance with the nature of the company's activity, the financial situation, and assets owned. The rules will also determine the approved sources for information on the finances, and how the accuracy of information provided is evaluated.
The chairman noted that the EFSA is not supposed to intervene in the details of the financial evaluation rules, but that it seeks to ensure that proper evaluation methods are being used.
On the other hand, Samy said the EFSA will look into the issue of obligating managers of investment portfolios and funds to obtain a licence for practicing the activity after finalising the financial evaluation rules.
The EFSA chairman asserted that the difficult financial situation facing brokerage firms is putting the option of merging on the table, as a solution to overcome the present crisis brought by the decline of traded volume in the EGX.
Chairman of the Securities Division at the Federation of Chambers of Commerce (FEDCOC) Awny Adulaziz said a number of brokerage firms are considering establishing holding companies in order to decrease expenditures and prevent halting the business.
Traded volume in the EGX varied in the last period between EGP 300m and EGP 400m, compared to about EGP 1bn in previous periods.
Samy highlighted that there are financial controls which determined the process of temporarily halting the activity of brokerage firms, until all their obligations are settled, whether those related to the EGX, the EFSA, and Misr for Central Clearing, Depository and Registry. This is in addition to the taxes and insurance dues, delayed workers' salaries, banks' dues, and the rents of the headquarters and branches.
He added that the EGX is witnessing the temporary halting of companies almost every two months, instead of their permanent shut down, so there is a chance for those companies to resume their activities when the market performance improves and the trade volumes increase.


Clic here to read the story from its source.