Regulatory Alerts2020-01-01
Financial Regulatory Authority Board Decision No. 40 of 2020 Amending Decision No. 33 of 2018 on Licensing Conditions for Securities Companies Receiving Investment Fund Subscriptions
The Financial Regulatory Authority (FRA) issued Decision No. 40 of 2020 to amend licensing conditions for securities market companies handling investment fund subscriptions. The amendment mandates that licensed companies must employ managers meeting the FRA's expertise and competence standards under Decision No. 125 of 2015. Additionally, it requires companies to deposit subscription proceeds into dedicated bank or postal accounts and establish automated system connectivity with postal outlets to verify and certify Know Your Customer (KYC) documentation.
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