Chairman of the Authority

Decision of the Board of Directors of the Financial Regulatory Authority

No. (3) of 2020 dated 13/1/2020
Concerning the Revocation of the License of Qortoba for Development and Portfolio Management Company

Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations and amendments;
and Law No. 10 of 2009 concerning the regulation of supervision over markets and non-banking financial instruments;
and Presidential Decree No. 192 of 2009 concerning the Basic Statute of the Financial Regulatory Authority;
and Authority Chairman's Decision No. 1127 of 2019 concerning the suspension of the activities of Qortoba for Development and Portfolio Management Company;
and the memorandum prepared by the Central Compliance Department dated 19/12/2019 regarding the failure to rectify the violations cited as grounds for the suspension attributed to the Company;
and the approval of the Board of Directors of the Authority at its meeting held on 13/1/2020.

Decided

(Article One)

The revocation of the license of Qortoba for Development and Portfolio Management Company, in application of the provisions of Article (3) of the Capital Market Law issued by Law No. 95 of 1992.

(Article Two)

The Authority's divisions, the Egyptian Exchange, and the Egyptian Clearing, Depository and Registry Company are hereby tasked with implementing this decision, each within its respective purview.

(Article Three)

This decision shall take effect from the day following the notification of the Company thereof.

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

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