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Regulatory Framework

ECSD is subject to the supervision of several regulators as follows:

  •  The Financial Regulatory Authority (FRA): It is the main regulator that issued the rules and procedures governing all activities of ECSD, the license for the main activity and the main functions of the company, as well as approving all the documents pertaining to the activity of ECSD, including the signed contract with clients, and the fees schedule. Moreover, the FRA currently ratifies all the minutes of Board meetings and General Assembly meetings, receives the quarterly financial statements, and conducts regular inspections of ECSD.

  • The Accountability State Authority (ASA): It reviews the financial statements of ECSD (Fully owned by the government), in addition to the External Auditor.

  •  The Central Bank of Egypt (CBE): It conducts complete and ongoing supervision of ECSD’s main operations and IT systems, in addition to providing IT and Network infrastructures, which include servers, connectivity lines, backup and recovery sites, the internet, intranet, telecommunications, and InfoSec.

  • The Ministry of Finance (MoF): It supervises and validates all activities related to the issuance, maturity, and redemption of governmental debt instruments, in addition to coupon payments related tax deductions and their submission to the Egyptian Tax Authority.

 

The main Laws & Regulations that govern the activity of ECSD:

  •  Law No. 143 for the year 2020, amending some Articles of the Central Depository Law.
  • Central Depository Law No. 93 for the year 2000.
  • Capital Market Law No. 95 for the year 1992.
  • Companies Law No. 159 for the year 1981.
  •  Egyptian Financial Regulatory Authority (FRA) Board Decree No. 146 for the year 2021, dated 29th of September 2021, regarding the regulatory controls for the depositing and registration of government’s instruments and securities.
  • Egyptian Financial Regulatory Authority (FRA) Board Decree No. 40 for the year 2021.
  •  Egyptian Financial Regulatory Authority (FRA) Board Decree No. 8 for the year 2021.
  • Egyptian Financial Regulatory Authority (FRA) Board Decree No. 126 for the year 2020.