Regulatory Alerts2020-01-01
Board of Directors Resolution No. 120 of 2020 Regarding Registration, Renewal, and Striking Off of the Independent Party Monitoring Sukuk Issuances
The Financial Regulatory Authority (FRA) issued Resolution No. 120 of 2020 to establish a formal register for independent parties monitoring Sukuk issuances, defining eligibility criteria such as legal status, three years of experience, and independence from issuing entities. The resolution mandates a standardized application process, a ten-thousand-EGP examination fee, and a three-year registration term renewable upon submission of performance reports and renewal fees. Furthermore, it grants the Authority supervisory powers to request quarterly reports, verify compliance, and enforce sanctions including warnings, temporary suspension, or permanent striking off for violations.
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