All Egypt joint stock companies must register shares in Misr Clearing by January

REGULATION WATCH- All joint stock companies must register shares in Misr Clearing by January — or else: The Madbouly government is making it mandatory for all joint stock companies (basically, any company with “SAE” at the end) to register their shares with Misr for Central Clearing, Depository and Registry by 16 January 2019. Companies failing to do so will be unable to transfer shares or distribute dividends, and GAFI will refuse to sign off on decisions reached by the companies’ boards and general assemblies. Andersen Tax and Legal in Egypt has a backgrounder on the decision.