Chairman of the Authority

General Authority for Financial Supervision Board Decision

No. (171) of 2019 dated 30/12/2019
Amending Board Decision No. (58) of 2018
Regarding the rules, regulations, and licensing procedures for banks and certain companies conducting
non-banking financial activities to conduct investment fund activities themselves or with others

General Authority for Financial Supervision Board

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations and decisions issued in implementation thereof;
and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
and the Statute of the General Authority for Financial Supervision issued by Presidential Decision No. (192) of 2009;
and Board Decision No. (58) of 2018 regarding the rules, regulations, and licensing procedures for banks and certain companies conducting non-banking financial activities to conduct investment fund activities themselves or with others;
and the approval of the Authority's Board of Directors in its meeting held on 30/12/2019;

Text

(Article One)

The text of Article One of Board Decision No. (58) of 2018 regarding the rules, regulations, and licensing procedures for banks and certain companies conducting non-banking financial activities to conduct investment fund activities themselves or with others is hereby replaced, and a new article numbered "Article Two (duplicate)" is added to the same decision, as follows:

(Article One)

Banks may, with licensing from the Authority and after approval by the Central Bank, conduct investment fund activities themselves. The Authority may also license insurance and reinsurance companies, companies operating in the activity of establishing companies that issue financial instruments or increase their capital (investment banks), companies conducting the activity of forming and managing securities and investment fund portfolios (asset management companies), investment fund management companies (investment managers), and microfinance companies licensed directly by the Authority to conduct these activities directly.
The aforementioned activities may be conducted by themselves in accordance with the conditions stipulated in Article Two of this decision, or jointly with the following entities:

1. Arab, regional, and foreign financial institutions and companies.
2. Public and private legal entities whose objectives include investment.
3. Pension funds or private insurance funds.
4. The National Postal Authority.
5. Financial leasing companies.
6. Real estate financing companies.
7. Factoring companies.

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(Article Two (duplicate))

The unit holders in securities and investment fund portfolio formation and management companies (asset management companies) and investment fund management companies (investment managers) licensed by the Authority to conduct investment fund activities themselves or with others as stipulated in Article One of this decision shall be subject to the powers assigned to the general assembly of investment funds.

(Article Three)

This decision shall be published in the Egyptian Official Gazette and on the Authority's and the Exchange's websites, and shall take effect from the day following its publication in the Egyptian Official Gazette.

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Chairman of the Board of Directors
General Authority for Financial Supervision
Dr. Mohamed Omran

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