Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. (59) of 2018
The Financial Regulatory Authority of Egypt issued Decision No. (59) of 2018 to amend the corporate governance rules for securities market companies under Decision No. (107) of 2016. The amendment mandates that companies appoint one or more independent auditors from the Authority's registry, with annual appointments renewable for a maximum of six consecutive financial years. Following the six-year term, the company must replace the auditor with an independent professional unaffiliated with the outgoing auditor, who cannot be reappointed until three financial years have elapsed.
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