Fees for Appealing Against Capital
Fees for Appealing Against Capital Market Decisions are Amended
Decree Number 10 of 2009 was issued by Minister of Investment (published in the Egyptian Gazette on January 29th, 2009) introducing some changes in the fees charged for appealing against decisions by the Capital Market Authority or by the Minister with respect to the capital market. Fees for filing an appeal have been increased from five to eight thousand Egyptian Pounds, to be returned to the person who lodges the appeal if decided in his/her favor (minus 10% for administrative cost). In addition, the remuneration paid to the Chairman of the Appeal Committee and its members have been increased from five hundred and four hundred Pounds respectively to one thousand five hundred and one thousand two hundred. The amendment of the fees does not represent a significant change in the investment climate in Egypt. However, it is mentioned here as a reminder of the whole appeal process in the Capital Market Authority.
In this context, it is worth noting that appeal from administrative decisions issued by the Capital Market Authority or the competent Minister (currently the Minister of Investment) with respect to the capital market should normally have been in front of the Administrative Courts, since they are deemed to be administrative decisions. However, the Capital Market Law Number 95 of 1992 stated in Articles (50) and (51) that prior to resorting to the administrative judiciary, it is necessary to file an appeal from those decisions in front of a special Committee at the Capital Market Authority chaired by a councilor from the State Council. In all cases, however, both parties to the dispute then reserve the right to resort to the Administrative Courts following the conclusion of the appeal process.
Decree Number 10 of 2009 was issued by Minister of Investment (published in the Egyptian Gazette on January 29th, 2009) introducing some changes in the fees charged for appealing against decisions by the Capital Market Authority or by the Minister with respect to the capital market. Fees for filing an appeal have been increased from five to eight thousand Egyptian Pounds, to be returned to the person who lodges the appeal if decided in his/her favor (minus 10% for administrative cost). In addition, the remuneration paid to the Chairman of the Appeal Committee and its members have been increased from five hundred and four hundred Pounds respectively to one thousand five hundred and one thousand two hundred. The amendment of the fees does not represent a significant change in the investment climate in Egypt. However, it is mentioned here as a reminder of the whole appeal process in the Capital Market Authority.
In this context, it is worth noting that appeal from administrative decisions issued by the Capital Market Authority or the competent Minister (currently the Minister of Investment) with respect to the capital market should normally have been in front of the Administrative Courts, since they are deemed to be administrative decisions. However, the Capital Market Law Number 95 of 1992 stated in Articles (50) and (51) that prior to resorting to the administrative judiciary, it is necessary to file an appeal from those decisions in front of a special Committee at the Capital Market Authority chaired by a councilor from the State Council. In all cases, however, both parties to the dispute then reserve the right to resort to the Administrative Courts following the conclusion of the appeal process.