Regulatory Alerts2019-01-01
Financial Regulatory Authority Board Decision No. (10) of 2019 Amending Certain Provisions of Decisions No. (85, 162) of 2018
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 10 of 2019 to amend specific provisions of its prior Decisions No. 85 and 162 of 2018 governing the regulation of non-banking financial markets. The amendment replaces a three-year post-penalty execution clause with a loss-of-good-reputation standard, clarifies that criminal reconciliation no longer prevents board member exclusion once a judgment becomes final, and updates disclosure form titles to capture new reputation-related violations. The decision also mandates a standardized disclosure form for company chairmen and board members, requiring comprehensive personal, reputational, and compliance data alongside supporting legal documentation.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Board of Directors Decision of the Financial Regulatory Authority
No. (10) of 2019 dated 20/1/2019
Amending Certain Provisions of the Authority's Board of Directors Decisions No. (85, 162) of 2018
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) of 2009 regulating supervision over markets and non-banking financial instruments; Having reviewed the Authority's Board of Directors Decisions No. (85) and (162) of 2018; Having reviewed the approval of the Authority's Board of Directors in its session held on 20/1/2019.
It has been decided
Article One
The phrase at the end of the first paragraph of Article One of the aforementioned Authority's Board of Directors Decision No. (85) of 2018, which reads "(or the penalty was executed and three years have passed since its execution)", is replaced with the phrase "(or the good reputation condition has been lost in accordance with the prescribed legal controls)".
Article Two
The text of Article Two of the aforementioned Authority's Board of Directors Decision No. (162) of 2018 is replaced with the following text:
"(If the offender reconciles regarding the incident, they may request the Authority to expunge the resulting record in this regard, provided that this is done before the criminal judgment becomes final. However, if the judgment becomes final, reconciliation shall not affect the decision to exclude the member from the Board of Directors, but its effect shall be limited solely to the criminal lawsuit)."
Article Three
The title of Item Two of the disclosure form regarding the Chairman and members of the Board of Directors of the company, as stipulated in the aforementioned Authority's Board of Directors Decision No. (85) of 2018 and referenced in Article Three of the Authority's Board of Directors Decision No. (162) of 2018, is replaced with the phrase "(Second: Any new violations or accusations that result in the loss of the good reputation condition)".
Article Four
This Decision shall be published in the Egyptian Gazette, on the Authority's website, and on the Egyptian Exchange website, and shall take effect from the day following its issuance date.
Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Omran
Smart Village, Building no. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg
Disclosure Form
To be completed by the Company's Chairman and Board of Directors Members
Pursuant to the Financial Regulatory Authority Board of Directors Decision No. (10) of 2019 concerning the regulation of supervision over markets and non-banking financial instruments, its amendments, and the amendments to the Authority's Board of Directors Decisions No. (85, 162) of 2018, the Company's Chairman and Board of Directors Members are required to prepare this form.
First: Name and Address
| Required | Details |
|---|---|
| Company Name | ........................... |
| Registration Number | ........................... |
| License Number | ........................... |
| Address | ........................... |
| Phone Number | ........................... |
| Email Address | ........................... |
Second: Chairman and Board of Directors Members Data
| No. | Name | Nationality | National ID | Permit Number | Service Start Date | Service End Date | Notes |
|---|---|---|---|---|---|---|---|
| 1 | |||||||
| 2 | |||||||
| 3 | |||||||
| 4 | |||||||
| 5 |
Third: Reputation and Conduct Data
| No. | Name | Notes |
|---|---|---|
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| 5 |
Fourth: Disclosure Data
| No. | Type of Disclosure | Disclosure Date | Duration | Reason | Notes |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
Fifth: Declaration
I hereby declare that the information contained in this form is accurate and under my responsibility, and I bear responsibility for any false or misleading information.
Signature: Name: Position: Date:
Notes:
- Authority License / Commercial Registration No.: ...........................
- Attached to the form: a. Official copy of the company formation permit b. Copy of the national ID card or passport c. Copy of the license certificate (if available) d. Copy of the ownership deed or lease agreement (if available)
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY