Egypt's Financial Supervisory Authority (FSA) was named the Most Innovative Capital Market Regulator in Africa on Sunday.

The authority's chairman Mohamed Omran welcomed the award granted by Africa Investor.

The title was announced in a ceremony held at the Nasdaq Stock Market in New York. The Egyptian regulator snatched the award following a fierce competition between 10 African agencies.

Omran expressed appreciation for all bodies concerned in the Egyptian financial market for their positive interaction with the FSA.

He hailed amendments recently made to the capital market law, which were the first in more than 26 years.