Regulatory Alerts2013-01-01
Circular Letter No. (1) of 2013
The Egyptian Financial Supervisory Authority (EFSA) mandates that investment funds established by banks or insurance companies must comply with Article 161 of the Executive Regulation of Law No. 95/1992, requiring them to contract with a fully independent custodian rather than retaining fund securities internally. This directive explicitly overrides previous allowances and requires all licensed entities to obtain formal Authority approval for any custodian changes. The Authority emphasizes strict adherence to these independence and contractual safeguards for all existing and newly established investment funds.
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