2010-01-01

Regulatory Authority Board of Directors Decision No. (83)

The Regulatory Authority's Board of Directors issued Decision No. 83 to exempt Fund Companies from the mandatory appointment of a dedicated executive member for daily operations. This exemption applies because the Fund's assets are already managed by a separate Investment Manager entity. All other existing licensing conditions and requirements remain fully in effect.

Egypt

Financial Regulatory Authority Egypt

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Regulatory Authority Board of Directors Decision No. (83) The Board unanimously agreed that there is no need for a dedicated executive member to manage the daily operations of the Fund Company, given that the Fund's assets are managed by another entity, namely the Investment Manager, while all other applicable licensing conditions remain in effect.