Region

Jurisdiction

Regulator

2021-01-01

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.

Egypt

Financial Regulatory Authority Egypt

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==Screenshot for page 1== Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (148) of 2021 Dated 12/8/2021

Regarding the Model Initial Contract and Articles of Association for Joint Stock Companies Established in accordance with the Capital Market Law issued by Law No. 95 of 1992 Whose purpose is in the field of venture capital for acquisition activities Special Purpose Acquisition Company "SPAC"

Chairman of the Financial Regulatory Authority Having reviewed the Law on Joint Stock Companies, Companies with Limited Shares, Limited Liability Companies, and Single-Person Companies issued by Law No. (159) of 1981 and its executive regulations and amendments, and Law No. (10) of 2009 regarding the regulation of supervision over non-banking financial markets and instruments and its executive regulations, and Presidential Decision No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority, and the Authority's Board of Directors Decision No. (164) of 2021 regarding licensing venture capital companies to conduct the business of Special Purpose Acquisition Companies (SPAC), and the Authority's Board of Directors Decision No. (171) of 2021 amending the Authority's Board of Directors Decision No. (53) of 2018 regarding the conditions for granting and maintaining licenses and rules for owning shares of companies operating in non-banking financial activities, and the memorandum prepared by the Central Administration for Company Establishment and Licensing on this matter.

Decided

Article (1): The Initial Contract and Articles of Association for Joint Stock Companies (Venture Capital for Acquisition Purpose) (Special Purpose Acquisition Company "SPAC") established in accordance with the Capital Market Law issued by Law No. 95 of 1992 shall be as attached to this Decision.

Article (2): The founders (sponsors) are obliged, in the event of wishing to deviate from certain provisions of the attached model Articles of Association or add other provisions, to clarify the reasons and justifications for such deviation or addition and obtain the Authority's prior approval thereto, all while ensuring non-derogation from mandatory rules and legally stipulated provisions.

Article (3): This Decision shall take effect from the date of its issuance, and the competent departments are ordered to implement it within their respective jurisdictions.

Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Omran

[Seal of the Financial Regulatory Authority] 46076

Smart Village, Building 126, Giza, Egypt Postal Code: 110 Tel: 02 35370535 Fax: 02 35370036 WWW.FRA.GOV.EG Building Bridges not Walls We Build Bridges, Not Walls

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