Regulatory Alerts2014-01-01
Decision No. 53 of 2014 of the Board of Directors of the Capital Market Authority
The General Authority for Financial Supervision issued Decision No. 53 of 2014 mandating that all existing investment funds appoint licensed management services companies by August 26, 2014, and restructure into joint stock companies by July 26, 2015. Fund issuers must amend their articles of association, prospectuses, or information memoranda to comply with new governance, fee allocation, and profit distribution rules, requiring preliminary Authority review and ratification by the Assembly of Document Holders. All harmonization procedures must adhere to the specified regulatory timeline, with the decision becoming effective the day after its publication in the Egyptian Gazette.
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