Decision of the Board of Directors of the Authority No. (96) of 2020

Egyptian Gazette - Issue 150 on July 4, 2020

General Authority for Financial Supervision
Decision of the Board of Directors of the Authority No. 96 of 2020 Dated 3/6/2020

Amending Decision of the Board of Directors of the Authority No. 87 of 2015 Regarding the Internal Regulations of Real Estate Financing Companies

The Board of Directors of the General Authority for Financial Supervision Having reviewed the Real Estate Financing Law issued by Law No. 148 of 2001 and its Executive Regulations; and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; and Law No. 176 of 2018 regulating the activity of financial leasing and factoring; and Decision of the Board of Directors of the Authority No. 87 of 2015 regarding the Internal Regulations of Real Estate Financing Companies; and after approval by the Board of Directors in its meeting held on 3/6/2020; Decided:

(Article One)
A new article numbered (Article 3 bis) shall be added to Decision of the Board of Directors of the Authority No. 87 of 2015 regarding the Internal Regulations of Real Estate Financing Companies, with the following text:
Article 3 bis:
The Board of Directors shall form an Audit Committee consisting of an odd number of members, not less than three from among the non-executive members of the Board of Directors, and the Committee may include members from outside the Company, and the majority of the Committee members must be independent members, with the Committee Chair being one of them, and in all cases, the Committee members must be recognized for their competence and expertise in the Company's field of activity, and at least one of them must have experience in financial and accounting affairs, and the Committee may also invite the Auditor or anyone it deems appropriate to attend its meetings who are not members.

The Board of Directors shall also form a Risk Committee consisting of an odd number of members not less than three, the majority of whom shall be from among the non-executive members of the Board of Directors and independent members, and the Committee may include members from outside the Company, and the Committee Chair must be a non-executive or independent member.

(Article Two)
Companies engaged in real estate financing activities operating on the date this Decision takes effect shall regularize their status in accordance with it within a maximum period of December 31, 2020.

(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chair of the Board of Directors of the Authority Dr. Mohamed Omran