Regulatory Alerts2011-01-01
Authority Board Decision No. 105 of 2011 on Rules for Transferring Multiple Securitization Portfolios and Multiple Securitization Bond Issuances
The General Authority for Financial Supervision issued Board Decision No. 105 of 2011 to establish licensing requirements for securitization companies transferring multiple portfolios and for non-securitization joint stock companies issuing multiple securitization bonds. The decision mandates minimum paid-up capital of five million Egyptian pounds, net asset coverage, separate accounting for each portfolio or issuance, independent trustee oversight, and mandatory credit ratings not below obligation-solvency thresholds. It also requires comprehensive disclosure in subscription circulars, full settlement of prior obligations and fees, and explicitly repeals the previous Board Decision No. 87 of 2006.
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