Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) issued a decision regulating the rules and procedures of non-listed financial stocks trading, according to the statement issued on Monday.

The new rules and regulations involves transferring ownership and over the counter (OTC) trading, the chairman of EFSA, Sherif Samy, said in the statement.

Samy explained that the decision replaces previous decisions issued between 1994 and 2012, which are now cancelled. The decision also includes developments to the procedures of transferring ownership, coping with the change in recent years.

The chairman stressed that the rules imposed on the trade of stocks listed on the Egyptian Exchange (EGX) doesn’t apply to non-listed stocks.

Sherif Samy told Mubasher last week that EFSA’s board will review all ownership transfer decisions, after the constitutional court ruling against the decision regarding non-listed stocks trading.