Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Resolution No. (130) of 2021
The Financial Regulatory Authority issued Board Resolution No. (130) of 2021 to amend Resolution No. (58) of 2018 regarding banking licensing rules and the authorization for certain non-banking financial companies to manage investment funds. The resolution mandates that charitable investment funds set aside 2% of their size (capped at 5 million Egyptian pounds) and exempts them from the maximum limit on issuing investment documents, while replacing "quarterly financial statements" with "semi-annual financial statements" across the referenced resolution. Furthermore, management services companies are required to prepare annual or semi-annual fund financial statements starting from the 2022 fiscal year, with the resolution taking effect the day after its publication in the Egyptian Gazette.