{"id":644053,"date":"2024-09-19T00:00:00","date_gmt":"2024-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/fras-farid-highlights-how-the-regulator-brought-new-instruments-depth-to-the-market\/"},"modified":"2024-09-19T00:00:00","modified_gmt":"2024-09-19T00:00:00","slug":"fras-farid-highlights-how-the-regulator-brought-new-instruments-depth-to-the-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/fras-farid-highlights-how-the-regulator-brought-new-instruments-depth-to-the-market\/","title":{"rendered":"FRA\u2019s Farid highlights how the regulator brought new instruments + depth to the market"},"content":{"rendered":"

FRA\u2019s Farid on introducing SPACs, carbon credits, and more to the Egyptian <\/strong>market:<\/strong> Since assuming his position as Financial Regulatory Authority chairman in August 2022, Mohamed Farid has overseen the introduction of a handful of new financial instruments, as well as regulatory overhauls designed to create a deeper, more digitally-enabled market in Egypt. Speaking at EFG Hermes\u2019 annual conference in London last week, Farid touched on the different regulatory changes the authority has introduced over the past several years and the changes seen across the country\u2019s IPO market, ins. sector, and the digitization push. <\/p>\n

From EGX to FRA:<\/strong> Transitioning from the bourse to the FRA allowed Farid to bring an inside perspective on the regulatory priorities for the agency, including facilitating the process for companies to IPO on the bourse, he said. \u201cWe discovered that in Egypt, for companies to get fully ready to be able to trade their shares on the market through a complete IPO, they need lots of time,\u201d Farid said. To facilitate that process and encourage the introduction of new paper on the EGX, the FRA introduced in September 2022<\/a> amendments to listing rules that allow companies to temporarily list on the EGX while seeking regulatory approvals from the FRA. The amendments also granted companies a longer window to meet listing requirements. <\/p>\n

The FRA also recently introduced changes to the listing rules for special purpose <\/strong>acquisition vehicles (SPACs)<\/strong>, Farid noted. The regulator had first greenlit a proposal to allow SPACs in Egypt back in 2021<\/a>. In introducing SPACs to Egypt, the FRA looked at the model introduced in the US and modified it to fit the local market. \u201cWe took a slightly different approach whereby the traditional model of SPACs that\u2019s in the US is allowed, but there\u2019s also a complementary model that also exists in Saudi and the UAE that introduces an SME platform,\u201d Farid said. This setup allows VC funds themselves to get listed. <\/p>\n

The rationale:<\/strong> \u201cIf we allow companies to be listed with a minimum capital requirement of EGP 1 mn, and we\u2019re allowing investors to take this risk, it doesn\u2019t make any sense for us to not allow VC funds to be listed as well,\u201d Farid said. The new model is \u201cnamed SPACs for marketing purposes but it\u2019s more about listing private equity and venture capital funds\u201d and eventually create a path for limited partners (LPs) in startups to have a clear exit scenario, he said. <\/p>\n

The Egyptian SPAC model takes heed of multinational institutions\u2019 guidance that <\/strong>encourage the increased transparency that comes from listing a VC fund<\/strong>, Farid said, pointing to research from the European Bank of Reconstruction and Development, among others. \u201cThese institutions found that the performance of listed private equity and VC firms is by far superior to unlisted or \u2018opaque\u2019 peers,\u201d Farid said. <\/p>\n

This model is also designed to \u201cenable different asset management firms with the aim of <\/strong>investing in startups<\/strong> and companies with newly developed ideas,\u201d while still providing investors with a clear exit mechanism, Farid said. <\/p>\n

Besides SPACs, the introduction of a voluntary carbon market with carbon credit trading<\/strong> was another major development<\/strong> in the Egyptian market. Egypt officially launched Africa\u2019s first carbon market<\/a> last month, which Farid stressed made Egypt \u201cone of the very few [countries] that decided to put in place a full-fledged regulatory framework\u201d for the market and to trade carbon credits. Egypt already had several different green and sustainability-linked debt instruments, including green bonds, brown bonds, and transition bonds, but \u201canother sweetener that adds returns to those types of investments is to issue carbon credits,\u201d Farid said. <\/p>\n

Carbon credits: Commodities or financial instruments?<\/strong> The idea of launching a regional platform for carbon credit trading originated at COP27, which Egypt hosted in Sharm El Sheikh, Farid said. \u201cBut the difficulty was that we needed to decide how to treat carbon credits in a regulatory sense,\u201d he said. The US\u2019 model considers carbon credits as a commodity, whereas in the EU, they are considered to be financial instruments. \u201cFor the credits to be treated as a commodity, you need to not see significant deviations in the prices \u2014 but in reality, there were huge price differences.\u201d <\/p>\n

Not all carbon credits are born equal:<\/strong> \u201cA carbon credit issued by a project that only put a filter on a factory chimney to reduce CO2 had one price, while another carbon credit that was issued for slashing CO2 in addition to addressing other SDG components \u2014 such as women\u2019s empowerment, poverty alleviation, etc. \u2014 had a much higher price. Accordingly, given that you have this significant price deviation, we had to treat it as a financial instrument, not a commodity, and we had to create the regulations accordingly,\u201d Farid explained.<\/p>\n

\u201cAs it currently stands, we have 16 projects that are registered with the FRA with carbon<\/strong> credits eligible for trading,\u201d<\/strong> Farid said. These projects \u2014 which are studied and verified and have the proper ISO certifications related to carbon credits \u2014 are primarily in the agriculture space, Farid noted. Out of the 16 projects currently listed, 15 of them are agricultural projects \u201cwhere farms have invested in swapping out their diesel-powered machinery to run on solar panels\u201d and introducing other sustainable practices, he said. <\/p>\n

It\u2019s not just Egyptian projects:<\/strong> The 16th project currently registered with the regulator is from India, Farid said, noting that the real idea behind launching Egypt\u2019s carbon market \u201cis to create a regional platform where Egypt, Morocco, Tunisia, Kenya, and other countries can register these projects and start seeing an aggregated trading platform for these players in the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Farid spoke at EFG Hermes\u2019 annual conference in London<\/p>\n","protected":false},"author":1,"featured_media":644054,"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":[7279],"tags":[72,76,2221,439,2073],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-enterpriseam","tag-financial-regulatory-authority","tag-mohamed-farid","tag-spacs","tag-spotlight","wpautop","entry"],"acf":{"mongo_id":"d6c0a7e0-f6e8-4bb2-8bf5-2189aeb32e7b","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1528.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FRA\u2019s 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The proposal, which was put forward by EGX Chairman Mohamed Farid in September, would for the first\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555142,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/lets-skip-the-formalities-and-just-spac\/","url_meta":{"origin":644053,"position":3},"title":"Let\u2019s skip the formalities and just SPAC","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Two companies are already eyeing setting up SPACs in Egypt to acquire and list fintech players, Zulficar & Partners founding partner Anwar Zeidan told Enterprise, confirming a story that was originally published in Al Mal. The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638097,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/mohamed-farid-is-fra-head-for-another-year\/","url_meta":{"origin":644053,"position":4},"title":"Mohamed Farid is FRA head for another year","author":"enterpriseam admin","date":"8 August 2024","format":false,"excerpt":"Farid has been heading the authority since August 2022","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/659.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557301,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/egx-could-open-the-door-for-spacs\/","url_meta":{"origin":644053,"position":5},"title":"EGX could open the door for SPACs","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Egypt could be welcoming SPACs soon, after EGX boss Mohamed Farid suggested amendments to listing rules that would allow Egyptian companies to go to market while being acquired by or merging with another company. The amendments have been submitted to the Financial Regulatory Authority (FRA) for consideration, according to an\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/178.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\/644053","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=644053"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/644053\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/644036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/644054"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=644053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=644053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=644053"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=644053"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=644053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}