Regulatory Alerts2019-01-01
FRA Board Decision No. 160 of 2019 Amending Licensing Rules for Banks and Non-Banking Financial Companies to Conduct Investment Fund Activities
The Financial Regulatory Authority (FRA) issued Board Decision No. 160 of 2019 to amend the licensing regulations for banks and certain non-banking financial companies. The decision modifies Article One of Decision No. 58 of 2018 to explicitly permit public and private legal entities, excluding entities under FRA supervision, to conduct investment fund activities as part of their business objectives. This regulatory change expands the scope of eligible entities allowed to operate investment funds either independently or in collaboration with other parties.
The Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman
Decision of the Board of Directors of the Financial Regulatory Authority
No. (160) for the year 2019 dated 2019/11/21
Amending Decision of the Board of Directors of the Authority No. (58) for the year 2018 regarding the rules, regulations, and licensing procedures for banks and certain companies conducting non-banking financial activities to conduct investment fund activities themselves or with others
Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations and the decisions issued in implementation thereof; And having reviewed Law No. (10) of 2009 regulating supervision over markets and non-banking financial instruments; And having reviewed the Statutes of the Financial Regulatory Authority issued by Presidential Decision No. (192) of 2009; And having reviewed Decision of the Board of Directors of the Authority No. (58) of 2018 regarding the rules, regulations, and licensing procedures for banks and certain companies conducting non-banking financial activities to conduct investment fund activities themselves or with others; And having reviewed the approval of the Board of Directors at its meeting held on 2019/11/21.
Decided
(Article One)
The following text replaces Item (2) of the entities specified in Article One of Decision of the Board of Directors of the Authority No. (58) of 2018:
2- Public and private legal entities whose objectives include investment, provided that private legal entities are not entities subject to the supervision of the Authority.
(Article Two)
This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Stock Exchange, and shall be enforced from the day following its publication in the Egyptian Gazette.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 20345350
Fax: +202 35370036
WWW.FRA.GOV.EG
Building Bridges not Walls
نبنى الجسور لا الحواجز