Regulatory Alerts2022-01-01
Financial Regulatory Authority Board Decision No. (62) of 2022
The Financial Regulatory Authority issued Board Decision No. 62 of 2022 to amend Decision No. 82 of 2016 by permitting specialized departments and committees from the Ministry of Housing, the Social Housing Fund, and the General Authority for Government Services to register in its Real Estate Valuation Experts List. These entities may participate in valuing real estate units for middle- and low-income financing provided they remain independent from the financing process, maintain a team of at least two registered experts with one signing the report, and pay the applicable registration fee. The decision formally updates the title of Decision No. 82 to reference "legal persons" and takes effect the day following its publication in the Egyptian Gazette.
Financial Regulatory Authority
Board Decision No. (62) of 2022 dated 16/3/2022 Amending Board Decision No. (82) of 2016 Regarding the conditions and procedures for registration and continued registration of companies in the Real Estate Valuation Experts List
Board of the Financial Regulatory Authority Having reviewed the Real Estate Financing Law issued by Law No. (148) of 2001 and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Board Decision No. (82) of 2016 regarding the conditions and procedures for registration and continued registration of companies in the Real Estate Valuation Experts List; and after the approval of the Board in its session extended from 16/3/2022 to 22/3/2022;
Decided:
(Article One)
A new article numbered (Article Two bis) is added to the aforementioned Board Decision No. (82) of 2016, with the following text:
(Article Two bis)
The specialized departments or committees of the Ministry of Housing, Utilities and Urban Communities, the Social Housing Fund for Real Estate Financing Support, and the General Authority for Government Services may be registered in the Financial Regulatory Authority's Real Estate Valuation Experts List, specifically regarding real estate units subject to financing for middle- and low-income earners, subject to the following:
- None of the aforementioned entities shall be a party to the financing process at the time of valuation.
- The workforce of the aforementioned departments or committees shall not be less than two real estate valuation experts registered in the Authority's list, with one of them being the signatory to the valuation report.
- Payment of the registration service fee.
The aforementioned entities shall submit the registration application for the Real Estate Valuation Experts List on the form prepared by the Authority for this purpose.
(Article Two)
The title of the aforementioned Board Decision No. (82) of 2016 is amended to read «Conditions and procedures for the registration and continued registration of legal persons in the Real Estate Valuation Experts List».
(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Board of the Authority Dr. Mohamed Omran
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