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Electronic Disclosure for Listed Co

Electronic Disclosure for Listed Companies
The Chairman of the Egyptian Financial Supervisory Authority (“EFSA”) issued – upon the decision of EFSA’s Board of Directors – Decree No. 15 of 2012 (published in the Egyptian Gazette, Issue No. 55, on March 7th, 2012) amending some the Stock Exchange Listing Rules with respect to the electronic publishing of financial statements and other information by listed companies. The new Decree states that listed companies must – as of April 1st, 2013 – have an electronic website where it publishes information pertaining to it, all of which is without prejudice to other disclosure requirements stated in the Capital Market Law and its Executive Regulations, as well as in decisions issued by EFSA or the Egyptian Stock Exchange. The Decree further defines the information required to be published on the website as follows: • The company’s annual and regular financial statements and attached clarifications. • The auditor’s reports. • Other information determined by the Stock Exchange. The new Decree is a positive development as it improves transparency and disclosure, and responds to a market request. Its only drawback is that it delays the application of its provisions till April of next year instead of speeding it up.
The Chairman of the Egyptian Financial Supervisory Authority (“EFSA”) issued – upon the decision of EFSA’s Board of Directors – Decree No. 15 of 2012 (published in the Egyptian Gazette, Issue No. 55, on March 7th, 2012) amending some the Stock Exchange Listing Rules with respect to the electronic publishing of financial statements and other information by listed companies. The new Decree states that listed companies must – as of April 1st, 2013 – have an electronic website where it publishes information pertaining to it, all of which is without prejudice to other disclosure requirements stated in the Capital Market Law and its Executive Regulations, as well as in decisions issued by EFSA or the Egyptian Stock Exchange. The Decree further defines the information required to be published on the website as follows: • The company’s annual and regular financial statements and attached clarifications. • The auditor’s reports. • Other information determined by the Stock Exchange. The new Decree is a positive development as it improves transparency and disclosure, and responds to a market request. Its only drawback is that it delays the application of its provisions till April of next year instead of speeding it up.