Regulatory Alerts2021-01-01
Financial Regulatory Authority Board of Directors Resolution No. 86 of 2021
The Financial Regulatory Authority issued Resolution No. 86 of 2021 to amend the licensing conditions for securities companies receiving subscriptions in investment fund documents. The resolution replaces clauses 1 and 3 of Article Four, mandating prior notification to the Authority before concluding subscription contracts and requiring the maintenance of separate accounts for each subscription. It further stipulates that companies, shareholders, and board members must comply with specified provisions at the time of contracting, taking effect upon publication in the Egyptian Gazette.
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Resolution of the Authority's Board of Directors No. (86) for the year 2021, dated 2021/6/6 Amending Resolution of the Authority's Board of Directors No. (33) for the year 2018 Regarding the Licensing Conditions for Securities Companies Receiving Subscriptions in Investment Fund Documents
Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. (95) of 1992; and the Law No. (10) of 2019 regulating supervision over non-banking financial markets and instruments; and Resolution No. (33) of 2018 regarding the licensing conditions for securities companies receiving subscriptions in investment fund documents; and following the approval of the Authority's Board of Directors in its session held on 2021/6/6;
Resolved:
(Article One)
The following two texts shall replace clauses (1, 3) of Article Four of Resolution No. (33) of 2018 regarding the licensing conditions for securities companies receiving subscriptions in investment fund documents:
(Article Four - Clause "1"): 1- Notification to the Authority prior to concluding each contract for receiving subscriptions in investment fund documents, provided that at the time of contracting, the company, its shareholders, and members of its board of directors comply with the provisions set forth in clauses (4, 5, 6, 7) of the second paragraph of Article Two of this Resolution.
(Article Four - Clause "3"): 3- Maintaining separate accounts for each subscription individually.
(Article Two)
This Resolution shall be published in the Egyptian Gazette and on the electronic websites of both the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran
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