Regulatory Alerts2020-01-13
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Decision of the Board of Directors of the Financial Regulatory Authority No. 3 of 2020 Concerning the Revocation of the License of Qortoba for Development and Portfolio Management Company
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 3 of 2020 to permanently revoke the license of Qortoba for Development and Portfolio Management Company. This action follows the company's failure to rectify violations that previously triggered a suspension of its activities under Chairman's Decision No. 1127 of 2019. The decision mandates immediate implementation by the FRA divisions, the Egyptian Exchange, and the Egyptian Clearing, Depository and Registry Company, taking effect the day after formal notification to the company.
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