Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. (162) of 2018 (Updated Version in 2019)
The Financial Regulatory Authority of Egypt issued Decision No. 162 of 2018 (amended in 2019) to establish mandatory eligibility conditions for board members of companies listed on the Egyptian Exchange or subject to its supervision. The decision mandates automatic disqualification and immediate seat vacancy for board members upon the issuance of a final criminal judgment, while permitting pre-final reconciliation to mitigate administrative effects solely on the criminal case. Furthermore, it requires listed and supervised companies to complete attached compliance forms, adhere to prescribed procedures, and formally notify the Authority, simultaneously repealing Chairman Decision No. 1203 of 2018 and Circular No. 6 of 2018.
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