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Stock exchange implements new index fund rules
The Egyptian Stock Exchange has announced new procedures and regulations to organize the requests of investment funds wishing to track financial indices, aiming to enhance market efficiency, increase transparency, and strengthen governance. The regulations require that the fund manager be one of the licensed members authorized by the Financial Regulatory Authority, with a six-month transition period granted for existing funds that do not meet this requirement. Additionally, the procedures stipulate obtaining approvals from both the Authority and the Exchange, outlining the application and contractual conditions, and specify that applications may be rejected or approvals revoked if the conditions are not met within the specified timeframe.
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