Law no.95 for2000
Promulgating the law of depository and central registry for securities
In the name of people
The president of the republic,
The people assembly sanctioned the law hereto and we promulgated:
First article
The provisions of the law hereto shall be applicable in matters concerning the depository and central registry, and clearing and settlement in securities. Any provision in other laws countervailing the provisions of the law hereto shall be abrogated.
Second article
In application of the provisions of the law hereto and its executive regulations and the decrees implementing the law, the “competent minister” shall mean the minister of economy, the “authority” shall mean the Capital Market Authority, and the “company” shall mean the central registry and depository company.
Third article
Based on a proposal by the Chairman of Board of Directors of the Capital Market Authority and subject to the approval of the Board of Directors, the minister of economy shall issue the executive regulations of the law hereto, within four months from its effective date.
Pending the act of issuing the executive regulation and the decrees implementing the law hereto, the provisions, rules, and present systems, which are in force at the date of enactment of the law hereto, shall continue in force as much as they are not in discord with its provisions
Fourth article
The present companies at the date of enactment of the law, which do business in depository activity or central registry or clearing or settlement in securities or custodians activity shall adapt their status according to its provision within six months from that date. The companies which issued securities before the effective date of this law , shall have the commitment of the provisions of the attached law within one year from the same date.
Fifth article
The Minister of Economy shall issue the resolution of phases and dates of the cancellation of the physical securities to be deposited and registered according to the provisions of the attached law With the central registry and depository company. The company shall take the appropriate arrangements to be obliged of that dates.
Sixth article
The provision of the law on the joint stock companies, partnerships limited by shares companies and limited liability companies, promulgated by law no. 159/981 and capital market law promulgated by law no. 95/1992 shall apply in such case where is no specific provisions hereunder.
Seventh article
This law shall be published in the official Gazette and enacted on the day following the date of publication. This law shall be stamped with the seal of state and executed as one of its law issued at the presidency on sfr 14 th. , 1421 H. (dated June 22, 1992).
( Hosni Mubark )