Regulatory Alerts2010-01-01
Board of Directors Decision No. (121) of 2010
The Egyptian Financial Supervisory Authority (EFSA) issued Board Decision No. 121 of 2010 to establish mandatory basic standards of professional performance for companies providing financial advisory and valuation services in securities. The regulation requires licensed firms to maintain strict independence, avoid conflicts of interest, implement robust internal controls, and ensure analysts are compensated independently of report outcomes. It further mandates comprehensive disclosure of methodologies, data sources, and assumptions in all reports, while enforcing confidentiality, record-keeping for at least five years, and immediate notification of any material changes or suspected conflicts to the Authority.
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