EFSA planning changes to regs on treasury shares, mortgage finance

EFSA planning changes to regs on treasury shares, mortgage finance: The Egyptian Financial Supervisory Authority (EFSA) is apparently still planning on making further changes to EGX regulations, this time with treasury stocks. EFSA is reportedly considering obliging shareholders who have acquired a stake north of 33% in a company through buybacks and eliminations of treasury stocks to make a mandatory tender offer, according to Al Borsa. The move is hoped would curb stock fraud via treasury shares, the newspaper said. EFSA is also drafting new amendments to the Mortgage Finance Act in cooperation with the Egyptian Businessmen’s Association, Al Ahram reports. The amendments will allow homebuyers to get a mortgage before construction on a property begins, in a bid to facilitate access to financing, said EFSA head Mohamed Omran. These changes just after EFSA shortened the IPO window to one month from the initial green light and eased restriction on investments funds.