EFSA issues new financial solvency regulations for brokerage and securities’ firms

EFSA issues new financial solvency regulations for brokerage houses: The Egyptian Financial Supervisory Authority (EFSA) has issued new financial solvency regulations that will require securities and brokerage firms to keep cash on-hand equivalent to 10% of their total liabilities, Al Mal says. Brokerage houses will also have to electronically file a daily liquidity report to both the bourse and EFSA to replace the paper report they used to deliver on a weekly basis under the old system. The new directives were published in the Official Gazette yesterday (you can view the full issue here courtesy of Youm7).