{"id":621649,"date":"2018-11-14T04:31:39","date_gmt":"2018-11-14T04:31:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/heres-what-egypts-market-regulator-claims-beltone-investment-banking-did-wrong\/"},"modified":"2018-11-14T04:31:39","modified_gmt":"2018-11-14T04:31:39","slug":"heres-what-egypts-market-regulator-claims-beltone-investment-banking-did-wrong","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/heres-what-egypts-market-regulator-claims-beltone-investment-banking-did-wrong\/","title":{"rendered":"Here\u2019s what Egypt\u2019s market regulator claims Beltone investment banking did wrong"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Regulator\u2019s grounds for suspending Beltone\u2019s investment banking license are becoming increasingly clear: <\/strong>The Financial Regulatory Authority (FRA)\u2019s grounds for suspending Beltone\u2019s IPO unit from all market activity for a six-month period have yet to be disclosed, leaving market chatter to fill the vacuum. The suspension came after the FRA received complaints from investors about the firm\u2019s alleged conduct during the IPO of structured and consumer finance player Sarwa Capital.<\/p>\n<p><strong>Now, the picture is starting to become clearer<\/strong> thanks to stories in <a href=\"https:\/\/www.youm7.com\/story\/2018\/11\/13\/%D9%85%D9%81%D8%A7%D8%AC%D8%A3%D8%A9-%D8%A7%D9%8A%D9%83%D9%85%D8%A7-%D8%AA%D8%A8%D8%B1%D8%A6-%D8%A8%D9%84%D8%AA%D9%88%D9%86-%D9%85%D9%86-%D9%85%D8%AE%D8%A7%D9%84%D9%81%D8%A9-%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D9%84%D8%AB%D8%B1%D9%88%D8%A9\/4030362\">Youm 7<\/a> and <a href=\"https:\/\/www.almalnews.com\/Story\/398323\/11\/%D8%A7%D9%84%D8%A5%D8%AB%D8%A7%D8%B1%D8%A9-%D8%AA%D8%AA%D9%88%D8%A7%D8%B5%D9%84-%D9%81%D9%89-%D9%85%D9%84%D9%81-%D8%A3%D8%B2%D9%85%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--%D9%85%D8%B9--%D8%A8%D9%84%D8%AA%D9%88%D9%86-\">Al Mal<\/a> and our own talks with individuals with first-hand knowledge.<\/p>\n<p><strong>So, what\u2019s the charge sheet? <\/strong>While a copy has not yet been made public, it appears that Beltone investment banking has been accused of overlapping charges including:<\/p>\n<ul>\n<li>Not using bookbuilding software during the IPO process;<\/li>\n<li>Of pricing and allocating shares during the iPO process in tandem with the issuer (Sarwa) without reliance on this bookbuilding app;<\/li>\n<li>Of publishing misleading and \/ or incorrect price and \/ or demand information because it failed to use this software. <\/li>\n<\/ul>\n<p><strong>Separately, the regulator alleges that Beltone\u2019s brokerage arm:<\/strong><\/p>\n<ul>\n<li>Took \u201cinvalid\u201d orders as part of its book by allowing investors to request (prior to the setting of a final price for the offering) \u201cEGP xx mn worth of shares at market price\u201d rather than specifying \u201cxx mn shares at EGP xx each\u201d;<\/li>\n<li>That it somehow financed the offer, despite it relying on a delivery-versus-payment mechanism that involved the independent custodian and clearinghouse MCDR;<\/li>\n<li>That the oversubscription rate announced was incorrect because Beltone failed to set aside the \u201cinvalid\u201d orders above.<\/li>\n<\/ul>\n<p><strong>The clearinghouse and an industry association appear to be siding with Beltone. <\/strong>Al Mal reports that Beltone Financial received a letter from Misr for Central Clearing, Depository & Registry (MCDR) saying MCDR is unaware of any irregularities in the firm\u2019s management of Sarwa\u2019s IPO. MCDR also said that the retail and institutional components of the offering were fully subscribed, as Beltone announced, and that all investors received their allotted shares on the first day of trading. The sources also tell the newspaper that the Egyptian Investor Protection Fund has not received any complaints over the IPO from investors.<\/p>\n<p><strong>The Egyptian Capital Markets Association (ECMA) also said that it found no evidence of irregularities in the IPO\u2019s bookbuilding process<\/strong>, <a href=\"https:\/\/www.youm7.com\/story\/2018\/11\/13\/%D9%85%D9%81%D8%A7%D8%AC%D8%A3%D8%A9-%D8%A7%D9%8A%D9%83%D9%85%D8%A7-%D8%AA%D8%A8%D8%B1%D8%A6-%D8%A8%D9%84%D8%AA%D9%88%D9%86-%D9%85%D9%86-%D9%85%D8%AE%D8%A7%D9%84%D9%81%D8%A9-%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D9%84%D8%AB%D8%B1%D9%88%D8%A9\/4030362\">according to Youm7<\/a>. ECMA also said in its report on the process that \u2014 as the IPO\u2019s manager \u2014 Beltone had the authority to set a share price for Sarwa within the announced range, as is standard in any bookbuilding process (<a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/04\/fra-suspends-beltones-investment-banking-arm-for-six-months-2\/\">which we described in our primer on the case when it first broke<\/a>).ECMA also notes that <strong>there is no legal requirement for IPO managers to use software<\/strong> for the bookbuilding process, adding that investment banks can rely on \u201cany means available\u201d to receive subscription requests and build their books.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulator\u2019s grounds for suspending Beltone\u2019s investment banking license are becoming increasingly clear: The Financial Regulatory Authority (FRA)\u2019s grounds for suspending Beltone\u2019s IPO unit from all market activity for a six-month period have yet to be disclosed, leaving market chatter to fill the vacuum. The suspension came after the FRA received complaints from investors about the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":621650,"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":[812,933,11920,72,78,3174,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-contact-financial","tag-depository-registry-mcdr","tag-enterpriseam","tag-ipo-watch","tag-misr-for-central-clearing-depository-and-registry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"51a6cc92-8a24-424e-9c6e-cf113f676795","order":"0","is_powered_by":true,"section_story_id":"46fd496c-bc96-4779-b29b-7ea32597ee89","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/707.jpg","photo_position":"above","related_issue":[621638],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Here\u2019s what Egypt\u2019s market regulator claims Beltone investment banking did wrong - 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\/2018\/11\/14\/heres-what-egypts-market-regulator-claims-beltone-investment-banking-did-wrong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s what Egypt\u2019s market regulator claims Beltone investment banking did wrong\" \/>\n<meta property=\"og:description\" content=\"Regulator\u2019s grounds for suspending Beltone\u2019s investment banking license are becoming increasingly clear: The Financial Regulatory Authority (FRA)\u2019s grounds for suspending Beltone\u2019s IPO unit from all market activity for a six-month period have yet to be disclosed, leaving market chatter to fill the vacuum. 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The FRA had imposed the suspension following allegations of irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, whose shares plunged on the first\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":605181,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/","url_meta":{"origin":621649,"position":2},"title":"FRA rejects Beltone\u2019s appeal of its six-month suspension","author":"enterpriseam admin","date":"24 December 2018","format":false,"excerpt":"The Financial Regulatory Authority (FRA) rejected yesterday Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm over alleged irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, Al Mal reports. The FRA alleges that Beltone inflated subscription figures in the bookbuilding process and claims\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":601295,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/25\/fra-lifts-ban-on-beltones-investment-banking-arm\/","url_meta":{"origin":621649,"position":3},"title":"FRA lifts ban on Beltone\u2019s investment banking arm","author":"enterpriseam admin","date":"25 February 2019","format":false,"excerpt":"Has Beltone\u2019s investment banking arm been unshackled? 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 &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":621498,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/11\/few-investor-complaints-to-fra-says-beltones-el-sahrawy\/","url_meta":{"origin":621649,"position":4},"title":"\u201cFew\u201d investor complaints to FRA, says Beltone\u2019s El Sahrawy","author":"enterpriseam admin","date":"11 November 2018","format":false,"excerpt":"\u201cFew\u201d investor complaints to FRA were those who \u201clost\u201d on Sarwa IPO says Beltone\u2019s El Sahrawy: Beltone Financial Investment Banking head Sobhy El Sahrawy said he was unaware how many investors complained to the Financial Regulatory Authority (FRA) about alleged irregularities in the Sarwa Capital IPO, but said it was\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":600358,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/beltone-financial-says-it-wants-to-settle-with-the-fra\/","url_meta":{"origin":621649,"position":5},"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 &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\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621649","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=621649"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621649\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/621650"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621649"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621649"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}