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2021-01-01

Financial Regulatory Authority Board Decision No. (140) of 2021

The Financial Regulatory Authority Board of Directors amends Decision No. 53 of 2018 to mandate that licensed holding companies engaged in underwriting, portfolio and fund management, custody, or venture capital must comply with specific ownership structure conditions within six months of the decision's effective date. The amended rules apply to companies issuing financial instruments or increasing their capital, aligning them with the ownership framework previously established for non-banking financial activities. This decision takes effect the day following its publication in the Egyptian Gazette and on the official websites of both the Authority and the Egyptian Exchange.

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Financial Regulatory Authority Egypt

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Financial Regulatory Authority

Chairman of the Authority

Board Decision No. (140) of 2021 dated 12/9/2021 Amending Board Decision No. (53) of 2018 Regarding the Conditions for Granting and Maintaining Licenses and Share Ownership Rules for Companies Operating in Non-Banking Financial Activities

Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations; and the Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Board Decision No. (53) of 2018 regarding the conditions for granting and maintaining licenses and share ownership rules for companies operating in non-banking financial activities, as amended by Board Decision No. (74) of 2019; and following the approval of the Authority's Board meeting held on 12/9/2021;

has decided:

(Article One)

Licensed companies engaged in establishing or participating in the establishment of companies that issue financial instruments or increase their capital (holding companies), which have obtained one or more licenses to conduct any of the following activities, shall be subject to:

  1. Underwriting and promoting financial instrument subscriptions.
  2. Establishing and managing financial instrument portfolios and investment funds.
  3. Custody.
  4. Venture capital.

subject to the ownership structure conditions stipulated in Item (2) of Article Four of the aforementioned Board Decision No. (53) of 2018, within six months from the effective date of this decision.

(Article Two)

This decision shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors Dr. Mohamed Omran

Smart Village, Building 136, Giza, Egypt Postal Code: 110 Tel: +202 35345350 Fax: +202 35370036 WWW.FRA.GOV.EG Building Bridges not Walls

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