Regulatory Alerts2007-01-01
Minister of Investment Decision No. 295 of 2007
The Minister of Investment issued Decision No. 295 of 2007 to add investment fund management services to the activities of securities companies under Capital Market Law No. 95 of 1992. The decision mandates that these companies must maintain a minimum paid-up cash capital of two million Egyptian pounds, with at least half paid immediately. The decision was published in the Egyptian Gazette and became effective the day following its publication date of October 6, 2007.
Ministry of Investment Minister
Decision Minister of Investment Decision No. (295) of 2007 Adding the activity of management services company in the field of investment funds
The Minister of Investment; Having reviewed the Capital Market Market Law issued by Law No. 95 of 1992 and its amendments, and the Central Deposit and Registration of Securities Law issued by Law No. 93 of 2000 and its amendments, and the Presidential Decision No. 231 of 2004 organizing the Ministry of Investment, and the Minister of Economy and Foreign Trade Decision No. 135 of 1993 issuing the Executive Regulations of the Capital Market Law and its amendments, and based on the proposal of the Board of Directors of the General Authority for the Capital Market at its meeting held on 12/9/2007
Decision (Article One) The activity of management services in the field of investment funds is added to the activities of companies operating in the field of securities listed in Article (27) of Law No. 95 of 1992 issuing the Capital Market Law. The management services company shall undertake the registration and settlement of transactions carried out on investment documents not registered in the Stock Exchange and the preservation of documents and documents of assets of real estate funds and the work stipulated in the Executive Regulations of the Capital Market Law issued by Law No. 95 of 1992, without prejudice to the provisions stipulated in Law No. 93 of 2000 issuing the Central Deposit and Registration of Securities Law
(Article Two) The minimum cash capital for companies licensed to carry out the activity mentioned in the previous Article shall be two million pounds, at least half of which is paid.
(Article Three) This Decision shall be published in the Egyptian Gazette, and shall be implemented from the day following its publication date.
Minister of Investment Dr. Mahmoud Mohieldin Prepared on: 6/10/2007 Marwa