Resolutions

The Financial Regulatory Authority

Resolution of the Board of Directors No. 115 of 2019

Dated 28/8/2019

Amending Resolution of the Board of Directors No. 161 of 2014 Regarding Registration, Continuation, and Deletion Criteria in the Register of Auditors for Microfinance Companies, Associations, and Non-Profit Institutions Licensed to Conduct This Activity with the Authority

Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. 10 of 2009 regulating supervision over securities and non-banking financial instruments; and Law No. 141 of 2014 regulating microfinance activities; and Presidential Decree No. 197 of 2009 issuing the Basic Statute of the Financial Regulatory Authority; and Resolution of the Board of Directors No. 161 of 2014 regarding registration, continuation, and deletion criteria in the register of auditors for microfinance companies, associations, and non-profit institutions licensed to conduct this activity with the Authority; and the approval of the Board of Directors in its meeting held on 28/8/2019;

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Has Decided:

(Article One)

The following two texts shall replace the preamble and Article (13) of Resolution of the Board of Directors No. 161 of 2014 regarding registration, continuation, and deletion criteria in the register of auditors for microfinance companies, associations, and non-profit institutions licensed to conduct this activity with the Authority:

Preamble of Article (13) – The Board of Directors of the Quality Control Unit for Auditors' Work shall have the right to propose administrative measures and sanctions against any auditor found to have violated any professional performance standards, professional conduct norms, or banking audit standards, or who loses any registration conditions in the register, and may specifically propose one or more of the following measures:

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Article (13) – The General Administration of Accountants and Auditors at the relevant sector in the Ministry of Finance shall be notified of any violations committed by auditors registered in the register.

(Article Two)

This Resolution shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors of the Authority Dr. Mohamed Omran