Regulatory Alerts2018-01-01
Decision No. (53) of 2018 dated 10/6/2018
The Egyptian Financial Regulatory Authority (EFRA) amends Decision No. 53 of 2018 to mandate that companies seeking licenses for non-banking financial activities must adopt cumulative voting and ensure minimum relative capital representation in their articles of association. These requirements apply to all entities holding preliminary establishment approvals or existing licenses as of the decision's effective date, granting them a one-year compliance window. The amendments also update ownership approval considerations to enforce these corporate governance standards across the sector.
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