Regulatory Alerts2020-01-01
Board of Directors Decision No. 166 of 2020
The Financial Regulatory Authority (FRA) of Egypt issued Board of Directors Decision No. 166 of 2020 to formally define the term "Financial Institutions" across its regulatory framework. The decision expands the definition to include a comprehensive list of eighteen entities, ranging from Egyptian and foreign banks, insurance companies, and investment funds to venture capital firms, real estate financing entities, and the National Postal Authority. It further clarifies that investment fund managers and asset management companies qualify as eligible founders for investment fund companies under existing licensing conditions.
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