General Authority for Financial Supervision Board of Directors Decision No. (85) of 2018 on Conditions for Board Membership of Supervised Companies

1 General Authority for Financial Supervision Board of Directors Decision No. (85) of 2018 dated 28/5/2018 Regarding the Conditions Required for Membership on the Boards of Directors of Companies Subject to the Authority's Supervision 1 According to the latest amendment dated 2019/1/20 1 Board of Directors of the General Authority for Financial Supervision After reviewing Law No. (10) of 1981 concerning supervision and oversight of insurance in Egypt and its executive regulations; And Law No. (159) of 1981 concerning Joint Stock Companies, Commandite Companies by Shares, Limited Liability Companies, and Single-Person Companies, and its executive regulations; And Law No. (10) of 1981 concerning supervision and oversight of insurance in Egypt and its executive regulations, and their amendments; And Capital Market Law No. (95) of 1992, its amendment, its executive regulations, and the decisions issued to implement them; And Financial Leasing Law No. (95) of 1995 and its executive regulations; And Real Estate Financing Law No. (148) of 2001 and its executive regulations; And Anti-Money Laundering Law No. (80) of 2002 and its executive regulations; And Law No. (10) of 2009 regulating supervision on non-banking financial markets and instruments; And Law No. (141) of 2014 regulating the microfinance activity; And Presidential Decree No. (191) of 2009 concerning the rules organizing the Egyptian Exchange and its financial affairs; And the Basic System of the General Authority for Financial Supervision issued by Presidential Decree No. (192) of 2009; And the General Authority for Financial Supervision Board of Directors Decision No. (72) of 2013 concerning the regulatory and supervisory controls for the factoring activity and its amendment; And the approval of the Authority's Board of Directors in its session held on 28/5/2018 Decided (Article One) A person against whom a judgment has been issued during the five years preceding or concurrent with the membership, for a felony or a misdemeanor involving moral turpitude or dishonesty, or any of the crimes stipulated in the laws organizing non-banking financial activities - unless their reputation has been restored - or who has served the sentence and three years have passed since its execution, or who has lost the good reputation condition according to the stipulated legal controls, shall not be eligible to be a member of the board of directors of any of the companies subject to the supervision and oversight of the Authority. 1 This decision was issued pursuant to Decision No. 10 dated 2019/1/20 2 The company undertakes to disclose to the Authority upon the occurrence of any of the cases stipulated in the preceding paragraph and replace the person meeting such condition within the timeframe determined by the Authority with another person who meets the stipulated conditions. (Article Two) This decision shall be published in the Egyptian Gazette and on the electronic websites of the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette. Chairman of the Board of Directors of the Authority Dr. Mohamed Omran 2 The last sentence in the paragraph was amended pursuant to the General Authority for Financial Supervision Board of Directors Decision No. 10 of 2019 dated 2019/1/20