Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the resignation of Mohamed Abdel Salam from his position as the chairman and managing director of Misr For Central Clearing, Depository & Registry (MCDR).

Abdel Salam has submitted his resignation on Tuesday, 21 April, which will be effective from the date of the conclusion of the general assembly to be held on 18 May, the FRA said in a statement on Wednesday.

The FRA’s board is set to separate the positions of chairman and managing director or CEO of MCDR, chairman of FRA, Mohamed Omran, pointed out.

The board will also decide on the maximum number of terms the chairman and managing directors can serve, Omran added.