Regulatory Alerts2019-01-01
General Authority for Financial Supervision Board of Directors Decision No. (113) of 2019 (Updated Version in 2020)
The General Authority for Financial Supervision (GAFS) issued Decision No. 113 of 2019 to establish an initial list of twelve accredited international experts and consulting firms authorized to evaluate Green Projects and verify the alignment of Green Bond proceeds with Clean Environment standards. The decision mandates that all relevant market participants must exclusively rely on reports from these designated International Environmental Auditors for compliance assessments. This regulatory framework was subsequently updated in 2020 to formally add Global Sustain to the approved roster and to dictate its publication and enforcement procedures.
Decision of the Board of Directors of the Authority No. (113) of 2019 dated 2019/8/28 1 Regarding the determination of the initial list of International Environmental Auditors in accordance with the latest amendment dated 2020/11/18
Board of Directors of the General Authority for Financial Supervision
After reviewing the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations; And Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; And Presidential Decision No. (192) of 2009 issuing the Statute of the General Authority for Financial Supervision; And the approval of the Authority's Board of Directors in its meeting held on 2019/8/28; Decided
(Article One) An initial list of international experts and consulting institutions (International Environmental Auditors) is determined, upon whose reports the Authority relies for preparing study reports to evaluate and test environmentally friendly projects (Green Projects) and to determine the extent to which projects financed by the proceeds of Green Bonds comply with Clean Environment requirements, as follows:
- Climate Bond Initiative
- KPMG
- Institutional Shareholder Services Inc. (ISS)
- Sustainalytics
- Vigeo Eiris
- PWC
- Deloitte
- Ernest & Young
- S&P’s Green bond Evaluation tools
- Moody’s Green bond Assessment
- CICERO
- Global Sustain 2
(Article Two) This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall be enforced from the day following its publication in the Egyptian Gazette.
The Decision was amended by the Authority's Board of Directors Decision No. 174 of 2020 1
Item number 12 was added by the Authority's Board of Directors Decision No. 174 of 2020 2