Regulatory Alerts2019-01-01
Prime Minister's Decree No. 1347 of 2019
The Egyptian Prime Minister issued Decree No. 1347 of 2019 to amend the Executive Regulations of the Capital Market Law, imposing stricter valuation and governance requirements for real estate investment funds. The decree mandates periodic asset valuations at least every six months, or quarterly for listed funds, conducted by independent, Authority-registered real estate experts, and requires investment managers to fully cooperate with these assessments. Additionally, it mandates unit holders' assembly approval for investments with related parties, limiting such transactions to a maximum of 25% of fund assets unless directed to government entities, and requires valuation reports to be distributed to the fund, manager, management company, and auditor.