Regulatory Alerts2018-01-01
Decision No. 57 of 2018 of the Board of Directors of the General Authority for Financial Supervision
The General Authority for Financial Supervision issued Decision No. 57 of 2018 to establish regulatory controls for licensed custodian banks acting as custodians for investment funds. The decision mandates that banks and their related parties must hold no more than 50% of the issued capital or voting rights in the fund's investment management company, requires strict segregation of fund investments from the manager's assets, and obligates custodians to provide weekly reports to the Authority and the fund's board detailing holdings, distributions, liquidity, and transactions. It supersedes conflicting prior regulations and takes effect upon publication in the Egyptian Gazette and on the Authority's official website.
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