Regulatory Alerts2020-01-01
Decision No. 165 of 2020 of the Board of Directors of the Financial Regulatory Authority Amending Decision No. 109 of 2020
The Financial Regulatory Authority issued Decision No. 165 of 2020 to amend Decision No. 109 of 2020 regarding auditor registration and rotation rules. The amendment introduces a transitional provision allowing an auditor who maintains a professional partnership with a replaced auditor to continue auditing the same company for up to six years from the effective date of Decision No. 109 of 2020. The decision was approved by the Board of Directors on October 28, 2020, and takes effect the day after its publication in The Official Gazette and on the Authority’s website.
14 The Official Gazette – Issue 270 on November 30, 2020
Financial Regulatory Authority Decision No. 165 of 2020 of the Board of Directors Dated 2020/10/28 Amending Decision No. 109 of 2020 of the Board of Directors
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 Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; And Law No. 141 of 2014 regulating the activity of financing medium, small, and micro-enterprises; And Decision No. 161 of 2014 of the Board of Directors regarding the conditions for registration, continuation of registration, and deletion in the register of auditors for microfinance companies, associations, and non-governmental organizations licensed to conduct this activity with the Authority; And Decision No. 84 of 2019 of the Board of Directors reorganizing the conditions for registration, continuation of registration, and deletion in the register of auditors with the Authority; And Decision No. 100 of 2020 of the Board of Directors regarding corporate governance rules for companies operating in the non-banking financial activities sector; And Decision No. 109 of 2020 of the Board of Directors amending Decisions No. 161 of 2014 and No. 84 of 2019 of the Board of Directors; And after approval by the Board of Directors in its meeting held on 2020/10/28;
15 The Official Gazette – Issue 270 on November 30, 2020
( Article One ) A second paragraph shall be added to Article Three of the aforementioned Decision No. 109 of 2020 of the Board of Directors, with the following text: Provided that an auditor who maintains a professional partnership with the replaced auditor may audit the company, for a maximum period of six years from the effective date of the aforementioned Decision No. 109 of 2020 of the Board of Directors.
( Article Two ) This Decision shall be published in The Official Gazette and on the Authority’s website, and shall take effect from the day following its publication in The Official Gazette.
Chairman of the Board of Directors Dr. Mohamed Omran