Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (100) of 2018
The Financial Regulatory Authority (FRA) issued Decision No. (100) of 2018 to amend Decision No. (53) of 2018 concerning licensing and share ownership rules for non-banking financial companies. The amendment mandates that such companies must incorporate cumulative voting into their articles of association and board elections to guarantee proportional representation, and requires the Authority to consider this voting mechanism when approving share ownership transfers. The decision becomes effective the day following its publication in the Egyptian Gazette and on the official websites of the FRA and the Egyptian Exchange.
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