Regulatory Alerts2021-01-01
Board Resolution No. (167) of 2021 Amending Board Resolution No. (58) of 2018 on Licensing Rules for Banks and Non-Banking Financial Companies
The Financial Regulatory Authority issued Board Resolution No. 167 of 2021 to amend the licensing rules for banks and non-banking financial companies by adding two new paragraphs to Article Seven. These amendments mandate that investment management contracts explicitly cover the manager's dismissal based on substantial conflicts of interest, regulatory breaches, disclosure failures, or unfulfilled obligations. Furthermore, the resolution requires the Supervisory Committee to submit dismissal decisions to policyholders for ratification and stipulates immediate publication in the Egyptian Gazette and relevant websites.
Share