Regulatory Alerts2020-01-01
Board of Directors Resolution No. (119) of 2020
The Financial Regulatory Authority (FRA) of Egypt issued Board of Directors Resolution No. (119) of 2020 to establish mandatory licensing criteria for Sukuk issuance companies seeking to manage multiple Sukuk issues. The resolution requires companies to maintain fully paid-up capital, keep strictly segregated accounts per issue, secure auditor confirmations of operational capacity, and obtain payment agent commitments for separate accounting. Additionally, it mandates performance reporting for past issues and technical summaries for new issuances targeting the same beneficiary or its affiliates to ensure asset isolation and investor protection.
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