{"id":601339,"date":"2019-02-26T03:46:29","date_gmt":"2019-02-26T03:46:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/"},"modified":"2019-02-26T03:46:29","modified_gmt":"2019-02-26T03:46:29","slug":"beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/","title":{"rendered":"Beltone pays Egypt\u2019s FRA EGP 16 mn to lift investment banking suspension"},"content":{"rendered":"

<\/a> Beltone suspension lifted after it pays EGP 16 mn settlement:<\/b> Beltone Financial\u2019s investment banking arm resumed operations yesterday after the company paid EGP 16 mn<\/a><\/u> in a settlement with the Financial Regulatory Authority (FRA), the authority said in a statement (pdf)<\/a><\/u>. The FRA also cut to six months the period of time it is requiring Beltone\u2019s brokerage arm to maintain an EGP 50 mn insurance cover. The regulator had imposed a six-month suspension of Beltone\u2019s IPO unit late last year over alleged irregularities in its management of Sarwa Capital\u2019s IPO, which saw the latter\u2019s shares nosedive 11% in their EGX debut.<\/p>\n

The FRA has also dropped a criminal complaint filed against the investment bank<\/b>, FRA deputy head Khaled El Nashar told Bloomberg<\/a><\/u>. The FRA agreed that \u201cyou don\u2019t need to push more than this,\u201d he said, adding: \u201cI don\u2019t think that this will happen again in the Egyptian market.\u201d<\/p>\n

Now would be a good time to clarify book building regs: <\/b>There was no indication in the statement or in remarks from regulators yesterday whether the case will lead to new rules on how book building is run in Egypt. The FRA had alleged that Beltone broke rules on book building in the case, but the ultimate statement of claim by the regulator saw it zero in on aspects that are standard practice in the industry<\/a><\/u> \u2014 and ask about book building software that simply doesn\u2019t exit.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beltone suspension lifted after it pays EGP 16 mn settlement: Beltone Financial\u2019s investment banking arm resumed operations yesterday after the company paid EGP 16 mn in a settlement with the Financial Regulatory Authority (FRA), the authority said in a statement (pdf). The FRA also cut to six months the period of time it is requiring […]<\/p>\n","protected":false},"author":1,"featured_media":601340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[812,514,933,72,1473,595,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-consumer-finance","tag-contact-financial","tag-enterpriseam","tag-investment-banking","tag-non-banking-financial-services","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"deafe355-48f5-449c-bed9-9c7d39d1be90","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/308.jpg","photo_position":"above","related_issue":[601334],"teaser":"","voice_url":""},"yoast_head":"\nBeltone pays Egypt\u2019s FRA EGP 16 mn to lift investment banking suspension - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone pays Egypt\u2019s FRA EGP 16 mn to lift investment banking suspension\" \/>\n<meta property=\"og:description\" content=\"Beltone suspension lifted after it pays EGP 16 mn settlement: Beltone Financial\u2019s investment banking arm resumed operations yesterday after the company paid EGP 16 mn in a settlement with the Financial Regulatory Authority (FRA), the authority said in a statement (pdf). 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The board of the Financial Regulatory Authority (FRA) has reportedly informed Beltone Financial that it is lifting its suspension of Beltone\u2019s investment banking arm, allowing it to resume normal operations as of this morning, according to a local press report. The FRA also\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600358,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/beltone-financial-says-it-wants-to-settle-with-the-fra\/","url_meta":{"origin":601339,"position":1},"title":"Beltone Financial says it wants to settle with the FRA","author":"enterpriseam admin","date":"28 January 2019","format":false,"excerpt":"Beltone confirms it wants to settle with the FRA: Beltone Financial has filed open talks with the Financial Regulatory Authority (FRA) and will drop its case against the regulator as it seeks a way out of its current impasse, the investment banksaid in a bourse filing (pdf). The Administrative Court\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600298,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/beltone-en-route-to-lose-appeal-against-egypts-fra\/","url_meta":{"origin":601339,"position":2},"title":"Beltone en route to lose appeal against Egypt\u2019s FRA","author":"enterpriseam admin","date":"27 January 2019","format":false,"excerpt":"Advisory body reportedly recommends court turn down Beltone\u2019s appeal of its suspension. The Administrative Court received yesterday a report from the Board of State Commissioners recommending it reject Beltone\u2019s appeal a suspension handed to the investment bank\u2019s IPO unit by the Financial Regulatory Authority, reports Al Shorouk. The report found\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621350,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/06\/egypts-beltone-cancels-upcoming-egp-1-bn-capital-increase\/","url_meta":{"origin":601339,"position":3},"title":"Egypt\u2019s Beltone cancels upcoming EGP 1 bn capital increase","author":"enterpriseam admin","date":"6 November 2018","format":false,"excerpt":"Beltone puts capital increase on ice amid fallout from suspension of investment banking arm: Beltone Financial Holding has said it will put on hold its planning EGP 1 bn capital increase, the firm said in a disclosure to the EGX (pdf) on Monday. Beltone\u2019s decision to scrap the capital increase\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621271,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/","url_meta":{"origin":601339,"position":4},"title":"Egypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"** #1 FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621742,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/court-rejects-beltones-request-to-stay-fra-imposed-suspension-on-investment-banking-arm-next-hearing-1-december\/","url_meta":{"origin":601339,"position":5},"title":"Court rejects Beltone\u2019s request to stay FRA-imposed suspension on investment banking arm; next hearing 1 December","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"Court rejects Beltone\u2019s request to stay FRA-imposed suspension on investment banking arm: An administrative court rejected yesterday Beltone Financial\u2019s request to stay proceedings on a six-month suspension handed to its investment banking division by the Financial Regulatory Authority (FRA), sources tell Al Mal. According to the sources, the court requested\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=601339"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601339\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/601334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/601340"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601339"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601339"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}