Regulatory Alerts2023-01-01
Board of Directors Resolution No. 131 of 2023
The General Authority for Financial Supervision (GFSA) issued Board Resolution No. 131 of 2023 to establish and regulate the Asset Revaluation Experts Register, mandating that all asset revaluation work comply with Egyptian Accounting Standards and be performed exclusively by registered natural persons or legal entities. The Resolution outlines specific eligibility criteria, professional liability insurance requirements, and a three-year renewable registration period with fixed service fees of 10,000 EGP for individuals and 20,000 EGP for corporate entities. It further empowers the GFSA Board to enforce compliance through notices, temporary suspensions, or deregistration, while holding registered experts directly liable for the accuracy and professional standards of their issued valuation reports.