Regulatory Alerts2016-01-01
Board of Directors Decision No. (71) of 2016
The Egyptian Financial Supervisory Authority Board of Directors issued Decision No. 71 of 2016 to amend its regulatory framework for microfinance activities conducted by associations and civil society institutions. The decision inserts a mandatory second paragraph into Article 12 of Decision No. 31 of 2015, explicitly requiring the Authority-registered external auditor to approve the independent financial records of these microfinance operations. This amendment enforces direct auditor oversight over microfinance accounting practices and takes immediate effect upon issuance.
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