Bye-bye, days of easy shareholder ID as FRA issues tighter KYC regs? The Financial Regulatory Authority (FRA) issued new information protection protocols yesterday that seek to tighten know-your-client regulations for capital market transactions by tightening companies’ access to investor data. Listed companies will have limited access to data about their shareholders under the new regulations, which will only make the data available once a month and for specific purposes — and after obtaining regulatory approval. Companies will only be allowed access to the data if it is needed for events such as general assembly meetings, dividend distribution, reviewing delisting or acquisition offers, and issuing GDRs in a foreign market, the FRA said in a statement (pdf). The government has been working to improve transparency and security in Egypt’s capital market to attract new investments and improve the country’s overall standing on international indices. A new Capital Markets Act is also under review and should be out soon, paving the way for new products including futures trading, short-selling, and a commodities exchange, as well as setting penalties for financial crimes and new rules to govern sector fees and taxes in the sector.

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