Regulatory Alerts2019-01-01
Financial Regulatory Authority Board Decision No. (79) of 2019 Amending Decision No. (114) of 2018 on Registration Conditions for Financial Valuation and Fair Value Study Entities
The Financial Regulatory Authority issued Decision No. 79 of 2019 to amend Decision No. 114 of 2018 regarding the registration conditions for financial advisory companies and licensed entities conducting financial valuation and fair value studies. The amended decision establishes strict eligibility criteria for managing directors and staff, including requirements for clean criminal records, relevant higher education degrees, recognized professional certifications, and a minimum of three to five years of practical experience in valuation. Additionally, it mandates full-time dedication to valuation duties, mandatory training and interviews, independent internal auditing, and prohibits trading in securities valued by the entity for six months post-valuation.