Regulatory Alerts2021-01-01
Decision No. 148 of 2021 on the Initial Contract and Articles of Association for Joint Stock Companies Operating as Special Purpose Acquisition Companies (SPAC)
The Financial Regulatory Authority of Egypt issued Decision No. 148 of 2021 to mandate the use of its standardized Initial Contract and Articles of Association for all joint stock companies established under Capital Market Law No. 95 of 1992 to operate as Special Purpose Acquisition Companies (SPAC). The decision requires founders or sponsors to obtain prior regulatory approval and provide documented justifications for any deviations from or additions to the prescribed model articles, while strictly adhering to mandatory legal provisions. The regulation takes effect immediately upon issuance and directs all relevant administrative departments to enforce its provisions within their respective jurisdictions.
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