Regulatory Alerts2019-01-01
Board of Directors Decision No. (159) of 2019 Regarding the Temporary Suspension of Securities Portfolio Formation and Management Activities for Odin Financial Investments Company
The General Authority for Financial Supervision (GAFI) issued Decision No. 159 of 2019 to temporarily suspend Odin Financial Investments Company’s license for forming and managing securities portfolios for a fixed period of one year. This binding regulatory measure, ratified by the Authority’s Board of Directors on November 21, 2019, requires the firm to immediately halt these specific licensed activities upon the decision’s effective date. The suspension will automatically lift the day after the one-year term expires, with the decision published on the Authority’s website to ensure compliance by all relevant enforcement bodies.
General Authority for Financial Supervision
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the General Authority for Financial Supervision
No. (159) of 2019 dated 21/11/2019
Regarding the temporary suspension of securities portfolio formation and management activities
for Odin Financial Investments Company
Board of Directors of the General Authority for Financial Supervision
Having reviewed the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations;
and its amendments;
and the Law regulating supervision over non-banking financial markets and instruments issued by Law No. 10 of 2009;
and Presidential Decree No. 192 of 2009 issuing the Basic Statute of the General Authority for Financial Supervision;
and the Authority's Board of Directors Decision No. (194) of 2018 and its amendments regarding the conditions and controls for the voluntary suspension of activities of companies operating in the securities field;
and the resolution of the company's Extraordinary General Assembly held on 27/07/2019;
and the memorandum prepared by the Central Department for Corporate Governance dated 03/11/2019;
and the approval of the Authority's Board of Directors at its meeting held on 21/11/2019.
It has been decided
Article One
The activity of forming and managing securities portfolios licensed to Odin Financial Investments Company is temporarily suspended for a period of one year, starting from the day following the date of issuance of this decision, with the company resuming its activity from the day following the expiration of the suspension period.
Article Two
This decision shall be published on the Authority's website and shall take effect from the day following its issuance, and the competent authorities are tasked with implementing it according to their respective jurisdictions.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
General Authority for Financial Supervision
Arab Republic of Egypt
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 25245250
Fax: +202 252700036
WWW.FRA.GOV.EG
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