EGX Amends its Coding System to Simplify Coding Steps

Friday, 15 February 2019

EGX concluded amendments its coding system allowing coded investors to modify and
edit their data in a simple and quick process. This comes as a result of a study
conducted by EGX based on discussions with related parties of the market to amend and
simplify the procedure for editing data of coded investors through a “Unified Code”.
The previous procedure required reregistering of the investor if there is a change in the
data, then wait for a client’s request to proceed, verify the new code securities balances
instead of old code and then delete the old account.
Through the new “Unified Code” account creation will be limited to new investors and
legal cases that require it, such as splitting coded entity registered as an investor. The
process for new coded or editing current investors’ data should be done in a maximum
of two working days.
These amendments will contribute to achieving the following:
– Reduce time taken to complete this process to be from four hours to a maximum
of two working days.
– Compatibility with the best international practices relating to KYC rules.
– Encourage investment managers to rely on Omnibus Account system.
– Better control over trading.