Regulatory Alerts2010-01-01
Decision No. 32 of 2010 Amending Provisions of Chairman's Decision No. 41 of 2007 on Registration Conditions for Financial Advisors Register
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. 32 of 2010 to amend the registration conditions for independent financial advisors under its previous Decision No. 41 of 2007. The revised regulations mandate that applicants demonstrate at least three relevant valuation studies over the past three years, appoint an experienced internal auditor, and commit to strict professional performance standards and fee payments. Furthermore, the Authority now requires detailed documentation including certified past studies and engagement letters, while establishing an annual compliance reporting mechanism and granting the Board of Directors the power to suspend or deregister non-compliant advisors.
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