Regulatory Alerts2012-01-01
Chairman's Decision No. 877 of 2017 Amending Certain Provisions of Decision No. 41 of 2007 Regarding Registration Criteria in the Financial Investors Registry
The Egyptian Financial Supervisory Authority (EFSA) issued Chairman's Decision No. 877 of 2017 to amend the registration criteria for financial investors in its official registry. The decision replaces the prior fair value study requirements by mandating that applicants submit a certified true copy of the three preceding fair value studies, alongside authenticated appointment letters for the specific entities outlined in Article Eight. This regulatory update standardizes the documentation process for financial consulting firms seeking registry approval and takes effect immediately upon publication on the Authority's website.
Chairman's Decision
No. 877 of 2017 dated 17/9/2017
Amending certain provisions of the Chairman's Decision of the General Authority for the Capital Market No. (41) of 2007 Regarding the criteria for registration in the Financial Investors Registry maintained by the Authority
Chairman of the Board of Directors of the Egyptian Financial Supervisory Authority
Having reviewed the Joint Stock Companies, Partnerships Limited by Shares and Limited Liability Companies Law issued by Law No. (159) of 1981 and its implementing regulations, Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its implementing regulations, Having reviewed the Law Regulating Supervision on Non-Banking Financial Markets and Instruments issued by Law No. (10) of 2009, Having reviewed the Minister of Investment Decision No. (101) of 2007 adding financial securities consulting activities to the activities of companies operating in the securities field, Having reviewed the Chairman's Decision of the General Authority for the Capital Market No. (41) of 2007 regarding the criteria for registration in the Financial Investors Registry maintained by the Authority, as amended by the Chairman's Decision of the Egyptian Financial Supervisory Authority No. (123) of 2010, Having reviewed the approval of the Authority's Board of Directors in its session No. (17) of 2017 dated 17/9/2017,
Has Decided
Article (1)
The following text replaces Clause (7) of Article Four of the Chairman's Decision of the General Authority for the Capital Market No. (41) of 2007:
- A certified true copy stamped with the company seal of the three preceding studies prior to the registration request, conducted by the company or those responsible for managing its consulting department, specifically regarding the determination of fair value. For the entities referred to in Clauses (a, b) of Article Eight of this Decision, it is required that an authenticated copy of the appointment letters for preparing these studies be attached to these studies.
Article (2)
This Decision shall be published on the Authority's website and shall take effect from the date of its publication.
Dr. Sayed El-Sharqawy
Chairman of the Authority
Office of the Chairman
Egyptian Financial Supervisory Authority
Egyptian Financial Supervisory Authority (EFSA)
Headquarters: Smart Village, Building 15 - 84 B
Km 28, Cairo/Alexandria Desert Road
Giza Governorate, Postal Code: 12577
Telephone: +202 2537 0040 - +202 2537 0041
Email: info@efsa.gov.eg
Website: www.efsa.gov.eg