Regulatory Alerts2020-01-01
FRA Board Decision No. 48 of 2020 Amending Decision No. 58 of 2018 on Licensing Rules for Banks and Non-Banking Financial Firms to Conduct Investment Fund Activities
The Financial Regulatory Authority (FRA) issued Board Decision No. 48 of 2020 to amend Decision No. 58 of 2018 governing licensing rules for banks and non-banking financial companies conducting investment fund activities. The amendment requires each fund to function as an independent financial entity audited by two mutually independent, FRA-registered auditors who must issue joint reports explicitly outlining any professional disagreements. Additionally, the decision prohibits any single auditor from simultaneously auditing more than three funds to mitigate conflicts of interest, with the regulation becoming effective the day after its official publication.
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