{"id":604466,"date":"2018-12-04T04:40:41","date_gmt":"2018-12-04T04:40:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/"},"modified":"2018-12-04T04:40:41","modified_gmt":"2018-12-04T04:40:41","slug":"fra-sets-framework-for-short-term-bonds-instruments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/","title":{"rendered":"FRA sets framework for short-term bonds, instruments"},"content":{"rendered":"\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <b>REGULATION WATCH- Aiming to create a market for corporate paper in Egypt, FRA sets framework for short-term bonds, debt instruments: <\/b>The Financial Regulatory Authority (FRA) has defined the framework and regulations governing short-term debt instruments, including bonds, sukuks, and other securities with maturities of less than two years, FRA boss Mohamed Omran said, <a href=\"https:\/\/www.youm7.com\/story\/2018\/12\/3\/%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%B5%D8%AF%D8%B1-%D9%82%D9%88%D8%A7%D8%B9%D8%AF-%D9%88%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D9%88%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%B3%D9%86%D8%AF%D8%A7%D8%AA-%D9%82%D8%B5%D9%8A%D8%B1%D8%A9\/4054203\">according to Youm7<\/a>. The regulations specify the approved issuers and buyers, and allow the bonds to be made public through the EGX.<\/p>\n<p><b>Who can now issue bonds? <\/b>Joint-stock and limited liability companies, other companies licensed by the FRA, commercial banks, qualified global financial institutions (such as the EBRD and IFC) and even SMEs are allowed to issue bonds. Banks, insurance companies and funds, qualified private investors and funds, pension funds, and companies with FRA approval can purchase them.<\/p>\n<p><b>The framework: <\/b>The issuer must present financial statements going back at least two financial years back and audited by an FRA-listed auditor. They must also possess a bond credit rating of at least BBB- (or an equivalent) and must appoint a FRA-approved lead manager who should ensure buyers are in good financial standing. Qualified buyers must be solvent and, in the case of individual investors, at least three years of investing, banking or finance experience.<\/p>\n<p><b>Background: <\/b>Amendments to the executive regulations of the <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/14\/house-passes-amendments-to-the-capital-markets-act\/\">Capital Markets Act<\/a>, which were <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/05\/fra-committee-completes-draft-of-short-selling-regs-ahead-of-its-introduction-in-3q2018\/\">approved in May<\/a>, opened the door to the issuance of short-term bonds, along with short-selling, sukuk, and commodities and futures exchanges. The FRA <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/01\/fra-to-legislate-for-short-term-bonds-this-quarter\/\">had said earlier<\/a>, however, that it was planning to introduce a separate regulatory framework for short-term bonds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>REGULATION WATCH- Aiming to create a market for corporate paper in Egypt, FRA sets framework for short-term bonds, debt instruments: The Financial Regulatory Authority (FRA) has defined the framework and regulations governing short-term debt instruments, including bonds, sukuks, and other securities with maturities of less than two years, FRA boss Mohamed Omran said, according to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":604467,"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":[82,1112,72,76,440,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-corporate-bonds","tag-enterpriseam","tag-financial-regulatory-authority","tag-mohamed-omran","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"61d9ec4e-6a98-4b0a-8bd4-b0b74c42719a","order":"0","is_powered_by":true,"section_story_id":"8e856e04-08e7-4e01-8a92-8da527ff9be1","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/232.jpg","photo_position":"above","related_issue":[604448],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Egypt\u2019s first sukuk issuance is expected to see the light of day before the end of 1Q2020, Financial Regulatory Authority (FRA) boss Mohamed Omran said at a presser yesterday, according to Al Mal. Omran did not disclose any further details on the expected\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594645,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/03\/fra-to-issue-licenses-for-sme-credit-rating-agencies\/","url_meta":{"origin":604466,"position":2},"title":"FRA to issue licenses for SME credit rating agencies","author":"enterpriseam admin","date":"3 September 2019","format":false,"excerpt":"REGULATION WATCH- Market regulator paves the way for SME bond sales: SMEs will soon be able to issue short- and medium-term bonds after the Financial Regulatory Authority (FRA) gave the go-ahead to SME credit rating agencies to obtain licenses, the regulator said in a statement (pdf). FRA Chairman Mohamed Omran\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":627048,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/18\/fra-completes-capital-markets-act-regs-to-make-life-insurance-mandatory-for-sme-financing\/","url_meta":{"origin":604466,"position":3},"title":"FRA completes Capital Markets Act regs, to make life insurance mandatory for SME financing","author":"enterpriseam admin","date":"18 July 2018","format":false,"excerpt":"LEGISLATION WATCH- FRA completes Capital Markets Act regs allowing sukuks, margin trading, futures market, green bonds: The Financial Regulatory Authority (FRA) completed yesterday the final amendments on the executive regulations for the new Capital Markets Act, which include provisions that govern the issuing of green bonds, sukuk, margin trading, and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":592784,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/06\/egypts-fra-cuts-fees-on-green-bonds-issuance-by-half\/","url_meta":{"origin":604466,"position":4},"title":"Egypt\u2019s FRA cuts fees on green bonds issuance by half","author":"enterpriseam admin","date":"6 November 2019","format":false,"excerpt":"REGULATION WATCH- Market regulator slashes service, inspection fees on green bonds in half: The Financial Regulatory Authority (FRA) will reduce its services and inspection fees on green bond issuers by half in a bid to encourage issuances, the market regulator said in a statement (pdf). The fees will now be\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":632343,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/08\/amendments-to-the-capital-markets-act-will-allow-private-stock-exchanges-short-term-debt-instruments\/","url_meta":{"origin":604466,"position":5},"title":"Amendments to the Capital Markets Act will allow private stock exchanges, short-term debt instruments","author":"enterpriseam admin","date":"8 February 2018","format":false,"excerpt":"LEGISLATION WATCH- Is privatization of the EGX in the cards after the House Economics Committee okays regs allowing private stock exchanges? Or is it a commodities exchange that would be private? The House of Representatives\u2019 Economics Committee agreed to amendments to the Capital Markets Act yesterday to allow the establishment\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/604466","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=604466"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604466\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604467"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604466"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604466"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}