Regulatory Alerts2020-01-01
Board of Directors Decision No. (150) of 2020 Amending Decision No. (51) of 2014 Regarding Conditions for Founders of an Investment Fund Company
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 150 of 2020 to amend Decision No. 51 of 2014 regarding the eligibility criteria for founders of investment fund companies. The amendment formally adds investment fund management companies and asset management companies to the list of authorized financial institutions eligible to establish such funds. Additionally, it permits these entities to hold board seats in privately offered fund companies while explicitly restricting their participation in discussions or voting on investment manager-related matters, subject to strict conflict-of-interest and independence safeguards.
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