Regulatory Alerts2014-01-01
Decision No. 55 of 2014 of the General Authority for Financial Regulation on Rules for Multiple Sukuk Portfolios and Issuances
The General Authority for Financial Regulation (FRA) issued Decision No. 55 of 2014 to establish licensing requirements for sukuk companies to hold multiple portfolios and for non-sukuk joint stock companies to issue multiple sukuk bonds. The regulation mandates full paid-up capital of at least five million Egyptian pounds, strict segregation of funds and accounts, binding transfer commitments, and mandatory credit ratings for both portfolios and issuers. It also requires comprehensive disclosure, trustee declarations, and auditor certifications to ensure compliance with capital market laws while repealing the previous 2011 decision.
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