Regulatory Alerts2013-01-01
Board of Directors Decision No. (82) of 2013
The Egyptian Financial Supervisory Authority Board of Directors issued Decision No. 82 of 2013 to amend the development fee regulations applicable to supervised companies. The revised Article Four requires that companies operating multiple regulated activities calculate the fee separately on each activity's revenues according to its designated category, provided their financial statements clearly segregate these income streams. In the absence of such clear segregation, the fee must be calculated on total revenues at the highest applicable category rate.
Board of Directors Secretariat
Board of Directors Decision
No. (82) of 2013: Dated 23/12/2013
Regarding the amendment of the Authority's Board of Directors Decision No. 66 of 2009
as amended by Decision No. 30 of 2010 concerning the development fee levied on companies subject to the Authority's supervision
Board of Directors of the Egyptian Financial Supervisory Authority
Having reviewed the Law on Supervision and Regulation of Insurance issued by Law No. 10 of 1981,
and the Capital Market Law issued by Law No. 95 of 1992,
and the Financial Leasing Law issued by Law No. 95 of 1995,
and the Central Depository and Registration of Securities Law issued by Law No. 93 of 2000,
and the Real Estate Financing Law issued by Law No. 148 of 2001,
and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments,
and the Egyptian Financial Supervisory Authority Board of Directors Decision No. 66 of 2009 concerning the development fee levied on companies subject to the Authority's supervision,
and the Egyptian Financial Supervisory Authority Board of Directors Decision No. 30 of 2010 regarding the amendment of Board of Directors Decision No. 66 of 2009,
Has Decided
Article (1)
Amending Article Four of the Authority's Board of Directors Decision No. 66 of 2009, as amended by the Authority's Board of Directors Decision No. 30 of 2010 concerning the development fee levied on companies subject to the Authority's supervision, to read as follows:
(Article Four): In the event that a company engages in more than one activity subject to the Authority's supervision, the development fee shall be calculated on the revenues of each activity separately according to the fee category assigned to it, provided that the company's financial statements contain a clear separation between the revenues of each activity.
In the absence of a clear separation between the revenues of each of the activities referred to in the preceding paragraph, the development fee shall be calculated on the total revenues according to the highest fee category.
Article (2)
This Decision shall be published in the Egyptian Gazette and shall take effect from the day following its publication date.
Chairman of the Board of Directors
Sherif Samy
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