Regulatory Alerts2018-01-01
Decision of the Financial Regulatory Authority No. (100) of 2018 Amending Decision No. (63) of 2018 on Licensing and Share Ownership for Non-Banking Financial Companies
The Financial Regulatory Authority of Egypt issued Decision No. (100) of 2018 to amend Decision No. (63) of 2018 regarding licensing and share ownership rules for non-banking financial companies. The amendment mandates that the articles of association for these companies must incorporate a cumulative voting system for board elections to ensure proportional representation, a requirement that also applies when evaluating share ownership transfer approvals. This decision was approved on September 30, 2018, and takes effect the day after its publication in the Egyptian Gazette and on the Authority's and Egyptian Exchange's websites.
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