• Increase public awareness of the capital market and its role in
the advancement of the economy and in providing investment
opportunities to the public.
• Create a forum for the exchange of information and the
improvement of communication between market participants.
• Set ethical standards for market participants and create an
awareness of the importance of these standards.
• Establish training programs for members and mobilize resources
to finance these programs.
• Provide a venue for amicable resolution of disputes between
Mr. Mohamed Maher Mohamed Ali
Mr. Ayman Sabry Abd
Mr. Amr Raouf
Mr. Khaled Abouheif
Mr. Rafik Mattar
Mr. Alaa Amer
Mr. Mohamed Reda
History & Background
- Founded in 1996, the Egyptian Capital Market Association (ECMA) is Egypt’s
first non-government, not-for-profit professional organization in the securities
industry. It is dedicated primarily to providing a forum for all capital market
participants in their efforts to set high professional standards for the
industry, adhere to the ethical conduct of business and the rules of fair
practice, and uphold the integrity of the marketplace.
- ECMA brings together the shared interests of more than 500 members determined
to accomplish these common goals. Its membership body comprises: stockbrokers,
mutual fund managers, portfolio managers, underwriting experts, venture capital
specialists, investment banking consultants, financial advisers, bankers,
accountants, legal counselors, financial media providers, and investors. Through
them, ECMA ensures at all times compliance with, and adherence to Law No. 95 of
1992 governing capital market activities in Egypt. The success of its mission is
further enhanced by the fact that ECMA does not promote any specific investments
or companies, but only recognizes professional excellence, procedures, and
- ECMA’s members have formally adopted the virtues of both personal and
corporate ethical obligations. Of special mention, is ECMA’s “Code of Ethics”.
Unanimously approved by its members, it was instrumental in setting the highest
standards of professional conduct and practice. ECMA member firms have already
incorporated these ethics into their policies. For this, members take pride and
highly value their membership in ECMA.
- Building on its Code of Ethics, ECMA’s Board of Directors further endorsed a
series of compliance initiatives in early 1997 to enhance more professionalism
in the Egyptian securities industry. This took the form of a comprehensive set
of “Rules and Procedures” designed to serve as basic guidelines for the
regulator: the Capital Market Authority (CMA), currently the Egyptian Financial
Supervisory Authority (EFSA) ; so as to ensure uniform
compliance with existing laws and regulations in the conduct of business.
- The rapid pace of change at present in Egypt’s securities markets requires
in-depth knowledge and training for industry practitioners. To achieve this,
ECMA launched a series of high–quality, “professional training programs” to
assist its member firms and their representatives in addressing the increasing
complexities and challenges of this fast–growing market from the technical,
legal, and ethical perspectives. These programs have an immediate and unique
impact on the quality, integrity and efficiency of the Egyptian Securities
- An outgrowth of ECMA’s commitment to excellence, as exemplified
in its planned professional training programs, was the formal
assignment given to it by EFSA to set standards for
certification examinations that are conducted on a regular basis
to meet EFSA’s required levels of qualifications that are needed to
enable it to license individuals to operate in Egypt’s Capital
- In its advocacy and membership services role, ECMA continuously
promotes the enactment of official policies for a fair and
efficient capital market; advocates regulatory reforms to allow
the securities market to develop and adapt to new opportunities;
and campaigns for major legislative changes to ensure regular
updates of the legal framework that supports the activities of
industry participants. Equally important, ECMA constantly takes
strong and effective initiatives in the settling of all disputes
and litigations concerning its member firms.
- Finally, ECMA takes the lead in providing its members, at all
times, with first-hand insights into the latest developments in
the securities markets – both domestic and worldwide – by
arranging conferences, roundtables and workshops that aim at
expanding opportunities for its members to work with their peers,
exchange ideas and problems, discuss difficult topics, or address
key industry issues.
- Development and implementation of a plan for institutional
development that prepares ECMA to become a broker/dealer
self-regulatory organization (SRO) for the Egyptian securities
- Improving knowledge among ECMA members about global practices
and trends in the securities industry, including the roles and
responsibilities of compliance officers, regulation of e-trading,
and reduction of settlement periods.
- Increasing abilities among the broker/dealer community to
effectively conduct back-office operations.
- Improving understanding of financial and securities markets
among current and potential investors, as well as among students
and the general public, and increasing knowledge of issues
affecting the financial and capital markets among members of the
securities industry, including disclosure and transparency, new
financial instruments, and investor relations.
Program/Strategy (short- & long-term)
1. Institutional Development and
- Evaluation of ECMA’s legal status and the legal requirements for
the creation of an SRO in the Egyptian market. ECMA’s evaluation
determined that it is currently illegible for an SRO status in
the Egyptian market.
- Formulation and implementation of a new,
international-standard Code of Conduct for ECMA members.
- Implementation of internationally accredited and recognized
professional training programs and certification.
2. Public Awareness and Education
This activity is designed to increase the understanding of capital
market issues among intermediaries, issuers, and
prospective & current investors. ECMA plays a pivotal role in public
education and outreach. On one hand, its members are an important
target audience because many securities intermediaries are
learning the details of the business through on-the-job
activities. To assist these intermediaries, the first task under
this activity will provide ECMA members with practical knowledge
regarding important securities concepts and issues. On the other
hand, ECMA also represents an ideal point for distributing
information to prospective and current investors, as well as
Refer to Arabic version
for full details