Regulatory Alerts2017-08-24
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Circular dated May 25, 2017 regarding obligating banks to inform their boards of directors of all instructions, controls, and correspondence issued by the Central Bank
The circular requires banks to inform their boards of directors of all instructions, controls, and correspondence issued by the Central Bank. It mandates that the board be notified of any instructions or controls issued to the bank, as well as any correspondence sent to the Central Bank. The document references previous circulars from August 23, 2011, and October 5, 2011, and emphasizes the importance of board oversight in these matters.
Cairo: May 25, 2017
Mr. Chairman of the Board of Directors
Greetings,
I would like to remind you of Circular No. 23 dated August 23, 2011, and Circular No. 5 dated October 5, 2011, regarding the obligation to inform the board of directors of all instructions, controls, and correspondence issued by the Central Bank. I also wish to point out that the board of directors of any bank must be informed of all instructions and controls issued to the bank, as well as any correspondence sent to the Central Bank. It is also necessary to ensure that the board of directors is informed of all instructions and controls issued to the bank, as well as any correspondence sent to the Central Bank, and that the board of directors is informed of all instructions and controls issued to the bank, as well as any correspondence sent to the Central Bank.
Furthermore, I would like to draw your attention to the importance of the board of directors' oversight of the bank's correspondence with the Central Bank. I would like to emphasize that the board of directors must be informed of all correspondence sent to the Central Bank.
Please accept my highest regards,
Gamal Najm