2014-09-29

Obtaining the approval of the Central Bank before entering into any bank subscription process

In a letter dated September 24, 2014, the Egyptian Central Bank communicates to the Chairman of the Board of Directors of a bank that banks wishing to engage in receiving subscriptions on behalf of certain entities must obtain prior approval from the Central Bank for each case. The letter emphasizes the need for banks to submit a request, along with a copy of the subscription prospectus and the draft contract with the entity, before entering into any subscription-receiving process. This regulation aims to monitor and oversee the activities conducted by banks, particularly in light of the expansion of subscription-receiving operations.

Egypt

Central Bank of Egypt

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