After perusal on law number 95 for 1992 on issuing Capital Market Law and its executive regulation, by virtue of approval of CMA Board of Directors dated 18-8-1999, according to the provision of clause (E) of article 29, law number 95 for 1992 stated thereof.
Article One
Every company performing brokerage activities in securities shall pay into an insurance fund, the amount, deductions, replenishment, and management of funds shall be determined according to the regulations attached to this resolution.
Article Two
Misr for Clearing, Settlement, and Depository shall open a separate account named the “ Guarantee Fund “ resulted from the purchase and sale of securities. Contributions to the above mentioned insurance fund shall be deposited in this account.
Article Three
The letter “T” shall mean the trading day; “T+1 “ shall mean the day following the trading day, “T+2” shall mean the second day following the trading day.
Article Four
Any party who directly undertakes financial settlement of transactions for its own accounts is allowed to apply for membership in the above-mentioned Settlement Guarantee Fund.
Article Five
The Settlement Guarantee Fund shall be established by December 31,1999. As of that date, the Fund shall operate in accordance with the attached regulations.
Abdel Hamid Mohamed Ibrahim
Chairman of the Board of Directors of the Capital Market Authority
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