Regulatory Alerts2023-01-01
Circular Letter No. 1 Dated April 20, 2023 Regarding the Prohibition of Delegation or Authorization in Specialized Professions for Non-Egyptian Financial Activities
The Financial Regulatory Authority issued Circular Letter No. 1 on April 20, 2023, prohibiting licensed practitioners of specialized professions in non-Egyptian financial activities from delegating or authorizing their work to other licensed or unlicensed persons. The circular mandates that all licensees cancel existing delegations and conduct transactions directly with licensed professionals, while unlicensed entities are barred from operating under delegated authority to avoid legal liability. All supervised companies and institutions must strictly adhere to these direct-engagement requirements to ensure market stability, protect participants' rights, and enforce the personal nature of professional licenses under Law No. 10 of 2009.
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