Financial Regulatory Authority Board of Directors Decision No. (96) of 2021

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision of the Authority's Board of Directors No. (96) for the year 2021 dated 2021/6/6 Amending the Authority's Board of Directors Decision No. (53) for 2018 regarding conditions for granting and maintaining licenses and share ownership rules of companies operating in non-banking financial activities

The Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and the Authority's Board of Directors Decision No. (53) of 2018 regarding conditions for granting and maintaining licenses and share ownership rules for companies operating in non-banking financial activities; and after approval by the Authority's Board of Directors in its meeting held on 2021/6/6;

Decided (Article One)

A final paragraph is added to Article Four of the Authority's Board of Directors Decision No. (53) of 2018 regarding conditions for granting and maintaining licenses and share ownership rules for companies operating in non-banking financial activities, with the following text:

(Article Four - Final Paragraph): Companies licensed to conduct one of the non-banking financial activities are obliged to notify the Authority before making any amendment to their board of directors' composition, and the passage of two weeks without a response from the Authority shall be deemed as approval of such amendment.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the Authority's electronic website, and it shall take effect from the day following its publication date in the Egyptian Gazette.

Chairman of the Board of Directors of the Authority Dr. Mohamed Omran

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