Capital Markets Act hearings start at House Economics Committee

LEGISLATION WATCH- Capital Markets Act. The Economics Committee of the House of Representatives began discussions yesterday on amendments to the Capital Markets Act, Ahram Gate reports. The committee invited Financial Regulatory Authority head Mohamed Omran to attend the hearing. Beyond introducing new financial instruments such as sukuks, futures trading and the setting-up of a commodities exchange, the amendments also increase penalties for financial crimes. Violators of the act can expect penalties of up to EGP 20 mn. The act will also amend the framework for establishing and licensing brokerages, according to Al Mal which does not detail the changes. The amendments also call for establishing a new registry for brokerage firms and other financial companies.