Regulatory Alerts2018-01-01
Decision No. (104) of 2018 of the Authority's Board of Directors
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. (104) of 2018 to amend Decision No. (17) of 2014 concerning the registration of custody banks in the Registered Owner Register. The amendment establishes a mandatory ten thousand US dollar fee for initial licensing and registration applications, alongside a separate ten thousand US dollar fee for reviewing renewal applications. It further confirms that the five-year renewable license remains subject to these updated financial requirements and repeals any conflicting prior provisions.
Chairman of the Authority
Decision No. (104) of 2018 dated 2018/7/16 of the Board of Directors of the Financial Regulatory Authority
Regarding the Amendment of the Provisions of Decision No. (17) of 2014 of the Board of Directors
Regarding the Conditions and Procedures for Registering Custody Banks in the Registered Owner Register
Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. (95) of 1997 and its Executive Regulations and amendments, and the decisions issued thereunder,
and the Central Depository and Registration of Securities Law and its Executive Regulations No. 93 of 2000,
and Law No. 10 of 2009 issued regarding the regulation of supervision over non-Egyptian markets and financial instruments,
and Decision No. (19) of 2010 of the Authority's Board of Directors regarding the Registered Owner Register and the rules and procedures for registration therein,
and Decision No. (20) of 2010 of the Authority's Board of Directors regarding licensing conditions and procedures for registering custody banks in the Registered Owner Register;
and Decision No. (17) of 2014 of the Authority's Board of Directors regarding the conditions and procedures for registering and maintaining the registration of foreign entities as custody banks in the Registered Owner Register and its amendments;
and upon the approval of the Authority's Board of Directors at its meeting held on 2018/7/16.
Decided
(Article One)
The following texts shall replace the text of Item Five of Article Two and the text of Article Five of Decision No. 17 of 2014 of the Authority's Board of Directors mentioned above:
Article Two:
- Evidence of payment of ten thousand US dollars for the licensing and registration application service fee.
Article Five:
The license and registration in the Registered Owner Register with the Authority shall be valid for five years, renewable,
and the following conditions are required for the continuation of the license and registration:
1.
2. Payment of a fee of ten thousand US dollars for the license and registration renewal application review service.
Article Two
All provisions conflicting with the provisions of this Decision are hereby repealed, and the central departments of the Authority shall implement it according to their respective competencies.
Article Three
This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange,
and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Authority's Board of Directors
Dr. Mohamed Omran
47076
Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35370036 - Fax.: +202 35345350
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg