Regulatory Alerts2019-01-01
Board of Directors Decision No. 59 of 2019 on the Development Fee for Charitable Investment Funds
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 59 of 2019 to impose a Development Fee on charitable investment funds that were previously exempted. The ruling requires these funds to pay a fee calculated at two ten-thousandths of their total annual revenues, subject to a maximum cap of 1,000 Egyptian pounds. This decision formally repeals the exemption under the FRA's 2016 Decision No. 18 and takes effect the day following its publication in the Egyptian Gazette.
Chairman of the Authority
Board of Directors Decision No. (59) of 2019 dated 30/4/2019
Regarding the Development Fee Levied on Charitable Investment Funds
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 on Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
and on Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;
and on the Authority's Board of Directors Decision No. (66) of 2009 regarding the Development Fee levied on companies subject to the Authority's supervision;
and on the Authority's Board of Directors Decision No. (18) of 2016 regarding the exemption of charitable investment funds from the Development Fee
and the fee for reviewing and studying prospectuses or information memoranda;
and upon the approval of the Authority's Board of Directors in its meeting held on 30/4/2019:
Decided
(Article One)
Charitable investment funds are added to the schedule of Development Fee rates applicable to companies subject to the Authority's supervision, attached to the aforementioned Board of Directors Decision No. (66) of 2009, with the Development Fee rate applicable to these funds set at 2 per 10,000 of their total annual revenues, subject to a maximum cap of 1,000 Egyptian pounds.
(Article Two)
Paragraph Two of Article One of the Authority's Board of Directors Decision No. (18) of 2016 regarding the exemption of charitable investment funds from the Development Fee is hereby repealed.
(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's official website, 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 No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35370036 - Fax: +202 35370035
info@fra.gov.eg
Smart Village, Building No. B-136, Giza
Postal Code: 12577
Tel.: (00202) 3534350 - Fax.: (00202) 35370036
www.FRA.gov.eg