{"id":1437,"date":"2018-12-05T11:19:56","date_gmt":"2018-12-05T11:19:56","guid":{"rendered":"http:\/\/127.0.0.1:8081\/?page_id=129"},"modified":"2018-12-05T11:19:56","modified_gmt":"2018-12-05T11:19:56","slug":"deadline-joint-stock-companies-register-their-shares-mcdr","status":"publish","type":"post","link":"https:\/\/riad-riad.com\/deadline-joint-stock-companies-register-their-shares-mcdr\/","title":{"rendered":"Deadline for Joint Stock Companies to Register their Shares at MCDR"},"content":{"rendered":"<p>The Egyptian Companies Law No. 159 of 1981 was amended to require all joint stock companies (<abbr title=\"joint stock companies\">JSCs<\/abbr>) to centrally deposit their shares at Misr for Central Clearing, Depository and Registry (<abbr title=\"Misr for Central Clearing, Depository and Registry\">MCDR<\/abbr>).<\/p>\n<p>The grace period for complying with this requirement expires in <strong>15 January 2019<\/strong>.<\/p>\n<p>The law does not impose specific penalties for non-compliance with this requirement. However, from a practical perspective, it is expected that GAFI will block the ratification of board and shareholders resolutions of non-compliant companies. It is therefore recommended that all existing <abbr title=\"joint stock companies\">JSCs<\/abbr> in Egypt comply with the new requirement and start the registration procedures before the expiry of the grace period.<\/p>\n<p>All shareholders of a JSC must first have a Unified Code and get an account at <abbr title=\"Misr for Central Clearing, Depository and Registry\">MCDR<\/abbr>. A Unified Code is granted upon registering the shareholders&#8217; details on the customer database of the Egyptian Stock Exchange (<abbr title=\"Egyptian Stock Exchange\">EGX<\/abbr>). Shareholders of the same company receive a single Unicode. Obtaining the Unicode shall be done through a brokerage firm.<\/p>\n<p>A JSC shall also hire a custodian to be able to register its shares at the <abbr title=\"Misr for Central Clearing, Depository and Registry\">MCDR<\/abbr>. A custodian is a <a href=\"https:\/\/www.investopedia.com\/terms\/f\/financialinstitution.asp\">financial institution<\/a> that holds customers&#8217; securities for <a href=\"https:\/\/www.investopedia.com\/terms\/s\/safekeeping.asp\">safekeeping<\/a> so as to minimize the risk of their theft or loss. A custodian holds securities and other assets in electronic or physical form. Custodians could either be banks or authorised securities companies.<\/p>\n<p>A first time registration fee of an amount equivalent to 1% of the company&#8217;s issued capital (with a maximum of EGP 50,000) shall be payable to the <abbr title=\"Misr for Central Clearing, Depository and Registry\">MCDR<\/abbr>. This is in addition to an annual registration fee of EGP 5000 for companies with a capital of EGP 5,000,000 or more, and 500 EGP for companies with a capital less than EGP 5,000,000.<\/p>\n<h4>How can we help?<\/h4>\n<p>Our team of corporate compliance experts would be delighted to assist you in relation to the following:<\/p>\n<ol>\n<li>\n<p>Provide you with advice with respect to the required data for the valid registration of your shares at the <abbr title=\"Misr for Central Clearing, Depository and Registry\">MCDR<\/abbr>.<\/p>\n<\/li>\n<li>\n<p>Provide you with any required legal advice with regard to the law and practice.<\/p>\n<\/li>\n<li>\n<p>Fill-in the application forms, prepare and collect all required documents and undertakings.<\/p>\n<\/li>\n<li>Coordinate with the brokerage firm and the custodian for finalizing the required procedures for duly registering the shares.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Egyptian Companies Law No. 159 of 1981 was amended to require all joint stock companies to centrally deposit their shares at Misr for Central Clearing, Depository and Registry .<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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