Regulatory Alerts2019-01-01
FRA Board Decision No. 74 of 2019 Amending Decision No. 53 of 2018 on Licensing Conditions and Share Ownership Rules for Non-Banking Financial Companies
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 74 of 2019 to amend Decision No. 53 of 2018 regarding licensing conditions and share ownership rules for non-banking financial companies. The amendment exempts companies engaged in establishing or capitalizing other firms from the mandatory ownership structure requirements previously imposed on non-banking financial activity operators. Additionally, it revises the capital contribution table for securities rating and classification firms by mandating a minimum 10% international ownership stake while removing the requirement for legal entities or financial institutions to serve as founders.
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