FRA sends Capital Markets Act regs to council of state for review

LEGISLATION WATCH- FRA sends Capital Markets Act regs to Council of State for review: The Financial Regulatory Authority (FRA) sent yesterday the final draft of the Capital Markets Act’s executive regulations to the Council of State (Maglis Al Dawla) for review, FRA Vice Chairman Khaled El Nashar said, Al Mal reports. The regulations — which are expected to lay out the procedures for the introduction of new financial instruments such as sukuk and futures exchanges — will then be presented to Investment Minister Sahar Nasr before they are issued by the Ismail Cabinet. The Capital Markets Act was published in the Official Gazette back in March, a month after it received Parliament’s sign off.