Regulatory Alerts2022-03-29 | CBE5.5Added · Updated
CBE Regulation Book 5.5 - Controls on the Practice Activity of Custodians
The Central Bank of Egypt issued Resolution No. 28 of 2002 to regulate the practice activity of custodians. The resolution mandates that custodians must maintain a separate bank account for each client's assets. It further requires custodians to keep detailed records of all transactions and to provide regular reports to clients regarding the status of their assets.
Chapter Five: Controls on the Practice Activity of Custodians
The Central Bank of Egypt issued Resolution No. 28 of 2002, amending the provisions of the Central Bank of Egypt and Banking Organization Law No. 88 of 1987, regarding the controls on the practice activity of custodians.
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The custodian must maintain a separate bank account for each client's assets.
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The custodian must keep detailed records of all transactions.
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The custodian must provide regular reports to clients regarding the status of their assets.
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The custodian must ensure the safety and security of the assets entrusted to it.
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Resolution No. 28 of 2002 of the Central Bank of Egypt