Regulatory Alerts2019-01-01
Decision of the Financial Regulatory Authority Board No. 179 of 2019 Amending Decision No. 53 of 2018 on Licensing Conditions and Share Rules for Non-Banking Financial Companies
The Financial Regulatory Authority (FRA) issued Decision No. 179 of 2019 to amend Decision No. 53 of 2018 regarding licensing conditions and shareholding rules for non-banking financial companies. The amendment specifically removes the mandatory requirement that a company's articles of association must explicitly stipulate certain provisions under Article Four, Item Four of the original decision. This regulatory update is formally published in the Egyptian Gazette and on the official websites of the FRA and the Egyptian Exchange to ensure immediate legal effect.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (179) of 2019 dated 30/12/2019
Amending Decision of the Board of Directors of the Authority No. (53) of 2018
Regarding the conditions for granting and renewing licenses and the rules for shares of companies operating in non-banking financial activities
The 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 the Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;
And Decision of the Board of Directors of the Authority No. (53) of 2018 regarding the conditions for granting and renewing licenses and the rules for owning shares of companies operating in non-banking financial activities;
And the approval of the Authority's Board of Directors in its session held on 30/12/2019;
Has Decided
(Article One)
The phrase "that the company's basic statute stipulates" appearing in the preamble of Item (4) of Article Four of the aforementioned Decision of the Board of Directors of the Authority No. (53) of 2018 shall be deleted.
(Article Two)
This Decision shall be published in the Egyptian Gazette, on the Authority's website, and on the Egyptian Exchange website.
Chairman of the Board of Directors of the
Financial Regulatory Authority
Dr. Mohamed Omran
46076
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 3534520
Fax: +202 35370036
WWW.FRA.GOV.EG
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