Regulatory Alerts2014-11-19
Added · Updated
Amending the instructions for banks conducting subscription operations on behalf of some entities issued on September 24, 2014
The Central Bank of Egypt clarifies that the supervisory instructions regarding banks conducting subscription operations on behalf of certain entities apply exclusively to public subscription operations. This clarification explicitly excludes the establishment and capital increase of closed companies from the scope of these instructions.
Cairo: 19 November 2014
Dear Mr. Chairman of the Board of Directors, Bank Tahya Misr
With reference to the supervisory instructions issued pursuant to the letter from the Governor of the Central Bank of Egypt dated 24 September 2014 concerning banks conducting subscription operations on behalf of certain entities,
And in the context of monitoring the practical implementation of the instructions, we wish to emphasize that the aforementioned instructions apply only to public subscription operations. Please note that the foregoing does not include the establishment and capital increase of closed companies.
Please accept our highest regards,
Gamal Naguib
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