Regulatory Alerts2015-01-01
FRA Board of Directors Decision No. 99 of 2015 (Updated Version 2022)
The General Authority for Financial Supervision (GAFI) issued Decision No. 99 of 2015 (updated in 2022) to establish comprehensive regulatory controls for managing investment portfolios of private insurance funds in Egypt. The decision mandates that funds exceeding 100 million EGP appoint licensed full-time investment managers or contract with approved portfolio management firms, while strictly defining their professional qualifications, fiduciary duties, risk management obligations, and reporting requirements. It further outlines mandatory contracting standards, custody arrangements, general investment restrictions, and credit rating thresholds to ensure transparency, mitigate conflicts of interest, and safeguard policyholders' assets.
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