Regulatory Alerts2016-01-01
Decision of the Board of Directors of the Authority No. (18) of 2016
The General Authority for Financial Supervision issued Decision No. 18 of 2016 to fully exempt charitable investment funds from both the development fee and the fee for reviewing and studying prospectuses or information memoranda. This exemption aims to alleviate the financial burdens on these funds, aligning with their established purpose of funding exclusively charitable and social activities. The decision was approved by the Authority's Board of Directors on February 28, 2016, and became effective immediately upon publication in the Egyptian Gazette and on the Authority's official website.
Board of Directors Secretariat
Decision of the Board of Directors of the Authority No. (18) of 2016
Dated 28/2/2016
Regarding the Exemption of Charitable Investment Funds from the Development Fee
and the Fee for Review and Study Services of Prospectuses or Information Memoranda
The Board of Directors of the General Authority for Financial Supervision
Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations
and the decisions issued in implementation thereof;
and Law No. (10) of 2009 concerning the regulation of supervision over non-banking financial markets and instruments;
and Presidential Decision No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision;
and Authority Decision No. (29) of 2007 determining the fee for review and study services of prospectuses or information memoranda;
and Authority Board of Directors Decision No. (66) of 2009 concerning the development fee imposed on companies subject to the Authority's supervision;
and Authority Board of Directors Decision No. (17) of 2016 concerning the conditions required for the founders of a charitable investment fund company;
and given the importance of alleviating the financial burdens on charitable investment funds in light of the objective of establishing these funds and the nature of their work, which is limited to spending on charitable and social activities;
and upon the approval of the Authority's Board of Directors in its session held on 28/2/2016;
has decided
(Article One)
- Charitable investment funds are exempted from the following:
- First: The fee for review and study services of prospectuses or information memoranda in accordance with Authority Decision No. (29) of 2007.
- Second: The development fee issued by Authority Board of Directors Decision No. (66) of 2009.
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall be enforced from the date of its issuance.
Chairman of the Board of Directors
Sherif Samy