The Financial Regulatory Authority (FRA) has accepted the resignation of Mohamed Abdel Salam, Chairperson and Managing Director of Misr for Central Clearing, Depository and Registry (MCDR).

Abdel Salam had submitted his resignation to FRA Chairperson Mohamed Omran on Tuesday. The resignation is effective as of 18 May, when the MCDR’s general assembly comes to an end.

Omran said that the FRA’s Board of Directors is working towards separating the chairperson position from the company’s managing director or CEO positions. This is likely to happen in the company’s upcoming elections, which will be held for the first time. The maximum term for each position will also be determined in the upcoming general assembly.