Regulatory Alerts2021-01-01
Board of Directors Decision No. (166) of 2021 dated 2021/10/31 amending Board of Directors Decision No. (53) of 2018 regarding controls for granting and continuing licenses and rules for owning shares of non-banking financial companies
The Financial Regulatory Authority's Board of Directors issued Decision No. (166) of 2021, amending Decision No. (53) of 2018 concerning licensing controls and share ownership rules for non-banking financial companies. This amendment introduces new stipulations for venture capital companies, requiring legal entities to hold at least 50% of the company's capital, with financial institutions and/or qualified investors accounting for no less than 25%. Qualified investors are defined to include public legal entities, joint-stock companies with a minimum paid-up capital of EGP 5 million, natural persons with at least five years of relevant experience, or individuals holding liquid assets or financial instruments worth at least EGP 10 million (excluding those in the licensed company).