Regulatory Alerts2022-01-01
Financial Regulatory Authority Board Resolution No. (70) of 2022 Amending Resolution No. (58) of 2018 on Licensing Rules for Banks and Non-Banking Companies to Operate Investment Funds
The Financial Regulatory Authority (FRA) issued Board Resolution No. 70 of 2022 to amend Resolution No. 58 of 2018, establishing detailed rules and procedures for the merger of investment funds. The resolution mandates that supervisory committees prepare draft merger agreements, obtain preliminary valuations from management services companies, and secure auditor reports at least sixty days prior to board approval. It further requires policyholder assembly ratification by a two-thirds majority, Central Bank consent for bank-established funds, and final Authority approval within two weeks of a complete submission.
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