Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. (35) of 2014 Regarding the Credit Rating of Debt Instruments Invested in by Investment Funds
The General Authority for Financial Supervision issued Decision No. (35) of 2014 mandating that investment funds must maintain a minimum investment-grade credit rating (BBB- or equivalent) for any bonds or financing sukuk they purchase, excluding government-issued or guaranteed instruments. The regulation requires that all credit ratings be conducted by Authority-approved rating agencies and obligates funds to annually disclose any credit rating changes to their security holders. This decision takes effect the day after its publication in the Egyptian Gazette and on the official websites of the Authority and the Egyptian Exchange.
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