Regulatory Alerts2022-01-01
Financial Regulatory Authority Board of Directors Decision No. (25) of 2022
The Financial Regulatory Authority Board of Directors issued Decision No. 25 of 2022, amending Decision No. 53 of 2018 to update licensing and share transfer regulations for non-banking financial companies. The amendment inserts a final paragraph into Article Eight, mandating that all operating companies secure prior Authority or Board approval before conducting due diligence investigations, strictly following the prescribed form. Approved on February 20, 2022, the decision was published in the Egyptian Gazette and on official websites, taking effect the day after issuance.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Authority's Board of Directors No. (25) for the Year 2022, dated 20/2/2022
Amending Decision of the Authority's Board of Directors No. (53) for the Year 2018
Regarding the Conditions for Granting and Renewing Licenses and Rules for Transferring Shares of Companies Operating in Non-Banking Financial Activities
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
and Decision No. (53) of 2018 of the Authority's Board regarding the conditions for granting and maintaining licenses and rules for transferring shares of companies operating in non-banking financial activities;
and after the approval of the Authority's Board in its session held on 20/2/2022;
Has Decided
(Article One)
A final paragraph is added to the text of Article Eight of the aforementioned Decision No. (53) of 2018, as follows:
(Article Eight – Final Paragraph):
In all cases, prior approval must be obtained from the Authority or its Board of Directors, as applicable, before conducting a due diligence investigation for any of the companies operating in non-banking financial activities, in accordance with the form established by the Authority for this purpose.
(Article Two)
This Decision shall be published in the Egyptian Gazette, on the Authority's website, and on the Egypt Exchange website, and shall be effective from the day following its issuance date.
Chairman of the Board of Directors
Dr. Mohamed Omran
Office of the Chairman
46076
ARAB REPUBLIC OF EGYPT
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Building Bridges not Walls
We Build Bridges, Not Walls
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3654535
Fax: +202 35370036
WWW.FRA.GOV.EG