Egyptian Exchange (EGX) Membership Committee held yesterday its first meeting under the chairmanship of Mr. Mohamed Farid, EGX Chairman and the membership of his deputy Mr. Mohsen Adel, also the Committee had other members of the Board of Directors, Mr. Ahmed Abu El Saad and Shoukat El Maraghi.
During the meeting, the Committee declared several decisions that would verify the commitment of brokerage firms in protecting the rights of their clients.
In the same context, Mohamed Farid clarified that the most important decision of the Committee is to oblige brokerage firms to submit to EGX a periodic statement clarifying the power of attorney/ delegations issued by some of their clients to agents or delegates in dealing with the securities of these customers stating specifically the position of the delegate.
Farid pointed out to the importance of following the procedures of enhancing the security of client’s accounts in dealing with companies working in the capital market.
Farid added that the Committee has obliged brokerage firms to prepare a periodic statement showing the firm’s percentage of available percentages for margin trading for every client and any related parties to him. Also the firm should submit the available percentage of marginal trading allowed for every listed stock, and that these statements should be submitted to EGX management as soon as demanded.