Board of Directors Decision No. (1) of 2021

Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Board of Directors Decision No. (1) of 2021 dated 18/1/2021 Amending Board of Directors Decision No. (58) of 2018 regarding the rules and procedures for licensing banks and certain companies conducting non-banking financial activities to conduct themselves or with others the activity of investment funds

The 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 Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Board of Directors Decision No. (58) of 2018 regarding the rules and procedures for licensing banks and certain companies conducting non-banking financial activities to conduct themselves or with others the activity of investment funds; and after approval by the Board of Directors in its meeting held on 18/1/2021;

Decided:
(Article One)

A new article numbered Seventh (1/1) is added to the aforementioned Board of Directors Decision No. (58) of 2018, with the following text:

(Article Seventh (1/1))

More than one issue of open-end investment fund documents may be offered, subject to the following controls:
1- All issues must fall within the same investment objective targeted by the fund.
2- Each issue must have independent accounts.
3- Each issue must have a fund document holders' assembly composed of subscribers to the documents of that issue, and its formation, meetings, and competencies shall follow the provisions stipulated in the Executive Regulations of the Capital Market Law. 4- The reserved amount by the establishing entity for the fund's account as a whole shall not be less than five million Egyptian pounds, with a participation of not less than (2%) of the size of each issue.

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35354530 Fax: +202 35370036
WWW.FRA.GOV.EG

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Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

5- The prospectus or information memorandum must include disclosure of the terms and data of each issue, in accordance with the data stipulated in the Executive Regulations of the Capital Market Law. The prospectus or information memorandum may be prepared in a unified format or separately for each issue, depending on the clarity of the fund's investment plan.

(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 of the Authority Dr. Mohamed Omran

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 35354530 Fax: +202 35370036
WWW.FRA.GOV.EG
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