Regulatory Alerts2017-01-01
Board of Directors Decision No. 65 of 2017 Regarding Controls for Owning Shares of Securities Sector Companies
The Financial Regulatory Authority (FRA) issued Decision No. 65 of 2017 to establish strict ownership controls for natural and legal persons acquiring shares in securities sector companies, whether listed or unlisted. The regulation mandates prior FRA approval for any direct or indirect acquisition that reaches or exceeds 10%, 25%, 33.33%, 50%, 66.66%, or 75% of a company's capital or voting rights, while exempting specific investment holding companies under strict conditions. The decision outlines application procedures, evaluation criteria focusing on competence and market competition, and repeals conflicting prior regulations to ensure transparent corporate governance and prevent undue market concentration.
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