Regulatory Alerts2023-01-01
Financial Regulatory Authority Board Resolution No. 53 of 2023
The Financial Regulatory Authority issued Board Resolution No. 53 of 2023 to amend the development fee calculation for holding companies under its supervision. The resolution replaces Article Five of Resolution No. 66 of 2009, mandating that the fee be calculated based on independent financial statements. This amendment takes effect upon publication in the Egyptian Gazette and the Authority’s website, applying to all financial statements issued after the publication date.
Egyptian Gazette - No. 60, Part (A), dated March 13, 2023
Financial Regulatory Authority
Board Resolution No. 53 of 2023
Dated March 8, 2023
Amending the Financial Regulatory Authority Board Resolution No. 66 of 2009 regarding the development fee levied on companies under the Authority's supervision.
The Board of Directors of the Financial Regulatory Authority, Having reviewed Law No. 10 of 2009 regulating supervision over markets and non-banking financial instruments; And having reviewed the Financial Regulatory Authority Board Resolution No. 66 of 2009 regarding the development fee levied on companies under the Authority's supervision; And having approved this resolution in its meeting held on March 8, 2023; Has decided:
(Article One)
The text of Article Five of the aforementioned Financial Regulatory Authority Board Resolution No. 66 of 2009 is replaced with the following text:
Article Five: The development fee for holding companies is calculated based on independent financial statements.
(Article Two)
This Resolution shall be published in the Egyptian Gazette and on the Authority's official website, and shall take effect as of the next financial statements following the publication date of this Resolution.
Chairman of the Board Financial Regulatory Authority Dr. Mohamed Farid Saleh