Regulatory Alerts2019-01-01
Decision No. 22 of 2019 of the Capital Market Authority Board Concerning Extension of Deadline for Regularizing Registration of Securities Financial Advisory and Valuation Entities
The Capital Market Authority of Egypt issued Decision No. 22 of 2019 to extend the compliance deadline for securities financial advisory companies and licensed valuation entities by six months, effective February 28, 2019. The decision mandates that these registered entities submit a binding commitment to obtain professional liability insurance upon requesting regularization of their registration status. This regulatory extension facilitates ongoing compliance with Egyptian Financial Valuation Standards while ensuring adequate risk coverage for fair value studies and financial assessments.
Chairman of the Authority
Decision of the Board of Directors of the Capital Market Authority
No. (22) of 2019 dated 24/2/2019
Concerning the Extension of the Deadline for Regularizing the Registration of Securities Financial Advisory Companies and Other Licensed Entities to Perform Financial Valuation and Fair Value Studies with the Authority
Board of Directors of the Capital Market Authority
Having reviewed Law No. 10 of 2009 concerning the regulation of supervision over markets and non-banking financial instruments;
And on Presidential Decree No. 192 of 2009 concerning the Basic Statute of the Capital Market Authority;
And on the Authority's Board Decision No. 1 of 2017 concerning the issuance of the Egyptian Financial Valuation Standards for Enterprises;
And on the Authority's Board Decision No. 114 of 2018 concerning the conditions and regulations for registering securities financial advisory companies and other licensed entities to perform financial valuation and fair value studies with the Authority;
And on the memorandum prepared by the Central Administration for Establishment and Licensing on this matter;
And upon the approval of the Authority's Board of Directors in its meeting held on 24/2/2019.
PROVISIONS
(Article One)
The deadline granted to securities financial advisory companies and other entities registered in the financial advisors register with the Authority, as referred to in Article Eight of the Authority's Board Decision No. 114 of 2018, is hereby extended for an additional six months effective from 28/2/2019 for the purpose of regularizing their status.
(Article Two)
Subject to Article One of this Decision, securities financial advisory companies and other entities registered in the financial advisors register with the Authority must, upon expressing their intention to regularize their status, submit to the Authority along with their request a commitment to issue a professional liability insurance policy immediately upon the Authority's approval of the conditions it sets.
(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, 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
Smart Village, Building No. B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35345350, Fax: +202 35370036 info@fra.gov.eg
Smart Village, Building no. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg