Regulatory Alerts2009-01-01
Decision No. 33 of 2009 of the Capital Market Authority Board of Directors Regarding Registration, Continuation, and Deregistration of Auditors in the Authority's Register
The Capital Market Authority Board of Directors issued Decision No. 33 of 2009 to establish a dedicated register for auditors and define the strict conditions for their registration, continuation, and deregistration. The decision mandates that only registered auditors may audit listed companies, public offerings, securities firms, bank investment funds, and insurance companies, while enforcing compliance with Egyptian Auditing Standards and strict independence rules. It further empowers the Authority's Quality Control Unit to conduct periodic inspections, impose disciplinary sanctions ranging from warnings to deregistration for professional violations, and requires current registrants to update their data and meet enhanced competency standards within six months.