Regulatory Alerts2009-01-01
Board of Directors Decision No. 33 of 2009 Amending Registration, Continuation, and Deregistration Criteria for Accountants
The General Authority for Financial Supervision issued Decision No. 33 of 2009 to amend the regulatory criteria governing the registration, continuation, and deregistration of accountants in its official register. The decision mandates that applicants must be registered with the Central Auditing Organization while practicing outside the governmental sector and requires submission of documentation confirming the absence of final criminal judgments against them. It also revises the grounds for deregistration to explicitly penalize the submission of incomplete or inaccurate data through any forms, reports, or communications directed to the Authority or its Quality Control Unit.
Board of Directors Decision
General Authority for Financial Supervision
No. (33) of 2009 dated 1/9/2009
Regarding the Amendment of Registration, Continuation of Registration, and Deregistration Criteria
in the Register of Accountants with the General Authority for Financial Supervision
Chairman of the Board of Directors of the General Authority for Financial Supervision
Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued by Law No. 159 of 1981 and its executive regulations,
and the Law on Supervision and Oversight of Insurance issued by Law No. 10 of 1981 and its executive regulations,
and the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations,
and the Real Estate Financing Law issued by Law No. 148 of 2001 and its executive regulations,
and the Law Regulating Oversight of Non-Banking Financial Markets and Instruments issued by Law No. 10 of 2009,
and Decision No. 33 of 2009 of the Board of Directors of the General Authority for the Capital Market regarding the criteria for registration, continuation of registration, and deregistration in the register of accountants with the Authority,
and upon the approval of the Board of Directors of the General Authority for Financial Supervision in its session No. (2) of 2009 dated 3/8/2009,
Has Decided
Article One
The third paragraph is replaced by paragraph (e) of Article 3 of the aforementioned Criteria for Registration, Continuation of Registration, and Deregistration in the Register of Accountants with the Authority:
(e) Submission of documentation confirming that no final criminal judgments have been issued against the accountant.
Article Two
The following item is added to Article 3 of the aforementioned Criteria for Registration, Continuation of Registration, and Deregistration in the Register of Accountants with the Authority:
(h) The applicant for registration must be registered in the register of the Central Auditing Organization, practicing the profession outside the governmental scope.
Article Three
The following item is replaced by item (a) of Article 8 of the aforementioned Criteria for Registration, Continuation of Registration, and Deregistration in the Register of Accountants with the Authority:
(a) Recording incomplete or inaccurate data, whether through any forms, data, or reports submitted by accountants to the General Authority for Financial Supervision and/or the Quality Control Unit for Accountants' Work.
Article Five
This Decision shall be published in the Egyptian Gazette and shall take effect from the day following its publication date.
Dr. Ziad Bahaa El-Din
Chairman of the Board of Directors
General Authority for Financial Supervision
Main Center: Smart Village, Building 15 - 84 B
Km 28, Cairo/Alexandria Desert Road
6th of October City, Postal Code: 12577
Telephone: 202 2537 0040 - 202 2537 0041
Fax: 202 2537 0041
Email: info@efsa.gov.eg
Website: www.efsa.gov.eg