Regulatory Alerts2019-01-01
FRA Board Decision No. 76 of 2019 Amending Decision No. 194 of 2018 on Voluntary Suspension of Securities Companies' Activities
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 76 of 2019 to amend Decision No. 194 of 2018 regarding the voluntary suspension of securities companies' activities. The amendment mandates that the FRA Board will only suspend a company's operations after verifying four specific documents: provisional suspension minutes from the Ordinary General Assembly, proof of newspaper publication, a contemporaneous financial statement, and an auditor-and-board report confirming full discharge of client obligations. Furthermore, the revised text clarifies that renewing a suspension period requires only updated assembly minutes containing a declaration that no new liabilities arose during the initial suspension.
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