Decision No. (66) of 2009 of the Authority's Board of Directors

General Authority for Financial Supervision Decision No. 66 of 2009 Date: 7/12/2009

Regarding the Development Levy Imposed on Companies Subject to the Authority's Supervision

Chairman of the Board of Directors of the General Authority for Financial Supervision

Having reviewed Law No. 10 of 1981 on the Supervision and Control of Insurance; Having reviewed Law No. 95 of 1992 on the Capital Market; Having reviewed Law No. 95 of 1995 on Financial Leasing; Having reviewed Law No. 93 of 2000 on the Central Deposit and Registration of Securities; Having reviewed Law No. 148 of 2001 on Real Estate Financing; Having reviewed Law No. 10 of 2009 Regulating Supervision over Non-Banking Financial Markets and Instruments; Having reviewed the approval of the Authority's Board of Directors in its meeting No. (9) held on 23/11/2009;

Decided:

(Article One) Companies subject to the Authority's supervision are required to pay the development levy stipulated in Article (14) of the aforementioned Law Regulating Supervision over Non-Banking Financial Markets and Instruments, within the specified deadlines and in accordance with the rules, procedures, and percentages set forth in this Decision and its attached table.

(Article Two) Companies are required to calculate and notify the Authority of their total revenues starting from 1/1/2010, every three months, accompanied by a certificate from the company's external auditor and the development levy due from them, within a maximum period of fifteen days from the end of the three-month period.

(Article Three) Companies are required to pay the due development levy within one month from the end of each three-month period. In case of delayed payment, companies are obligated to pay a return on the overdue levies, calculated daily based on the lending and discount rate announced by the Central Bank.

(Article Four) In the event that a company engages in more than one activity subject to the Authority's supervision, the development levy shall be calculated on the total revenues according to the highest levy category.

(Article Five) The development levy for holding companies shall be calculated based on standalone financial statements.

(Article Six) The proceeds from the development levy shall be deposited into the Authority's special account, and an administrative unit shall be established within the Authority responsible for verifying the accuracy of the levy calculation due to the Authority according to each company's revenues, monitoring its collection, calculating the return for delays, and overseeing expenditures on the development areas specified in this Decision based on prior approval from the Chairman of the Authority.

(Article Seven) The proceeds from the development levy shall be allocated to expenditures on developing the operational areas of companies subject to the Authority's supervision and their activity implementation mechanisms in accordance with the latest methods, systems, risk assessment and management, and financial solvency rules, as well as updating the Authority's operational systems and enhancing the skills and capabilities of personnel in the markets, companies, and the Authority, specifically as follows:

• Developing the electronic disclosure system for notifications and data regarding companies engaged in activities subject to the Authority's supervision.
• Implementing the electronic disclosure system for companies' financial statements.
• Executing institutional development programs for the Authority in cooperation with the Ministry of International Cooperation, the Ministry of State for Administrative Development, and the Information and Decision Support Center.
• Developing hardware, software, and connectivity and communication means with companies subject to the Authority's supervision, in addition to developing their databases held by the Authority.
• Conducting studies, preparing training programs, and establishing administrative systems for the creation of the Financial Services Institute.
• Training Authority and market personnel to support internal audit systems and enhance supervisory efficiency.
• Establishing the Market Services Complex at the Authority.
• Developing the Electronic Expertise Unit.
• Developing investor awareness and education programs and disseminating financial and investment culture.
• Establishing the Arbitration Center affiliated with the Authority, in accordance with the latest global systems and preparing qualified personnel to work in it.
• Developing the Authority's websites and expanding the provision of electronic services to market participants and companies.
• Developing the licensing system for professionals and employees of companies subject to supervision through expanding electronic testing systems.
• Assisting and training company employees on applying governance principles.
• According to the nature of each activity.

(Article Eight) This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect as of 1/1/2010.

Chairman of the Authority Dr. Ziad Bahaa El-Din

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Attachment to Decision No. (66) of the Board of Directors of the General Authority for Financial Supervision dated 7/12/2009

No.	Activities Subject to Authority Supervision	Development Levy Percentage of Total Revenues
1	Financial Leasing	2 per thousand
2	Custody	2 per thousand
3	Insurance and Reinsurance	2 per thousand
4	Insurance Consulting	2 per ten thousand
5	Insurance Brokers	2 per thousand
6	Insurance Dealing	2 per ten thousand
7	Real Estate Financing and Refinancing	2 per thousand
8	Securities Brokers	2 per thousand
9	Formation and Management of Securities Portfolios and Investment Funds	2 per thousand
10	Investment Funds	2 per ten thousand
11	Dealing, Brokers, and Brokers in Bonds	1 per thousand
12	Promotion and Organization of Securities Underwriting	2 per thousand
13	Savings in Establishing Companies Issuing Securities or Increasing Their Capital	2 per ten thousand
14	Venture Capital	1 per thousand
15	Clearing, Tax, and Central Deposit	2 per thousand
16	Securities Valuation, Classification, and Rating	2 per ten thousand
17	Securities Valuation and Analysis	2 per ten thousand
18	Information Dissemination	2 per thousand
19	Financial Rights Supply/Transfer	1 per ten thousand
20	Financial Consulting	2 per ten thousand
21	Market Makers	2 per thousand
22	Management Services in the Field of Investment Funds	2 per thousand
23	Holding Companies at Securities Exchanges	2 per hundred thousand