Regulatory Alerts2019-01-01
Circular Letter No. (9) of 2019
The Financial Regulatory Authority (FRA) of Egypt issued Circular Letter No. (9) of 2019 to clarify the permissible scope of activities for licensed financial consulting companies. The directive explicitly permits these firms to concurrently perform financial valuation, fair value studies, and subscription promotion and underwriting services, provided they strictly avoid serving the same client for both valuation and underwriting activities. Additionally, the circular mandates the complete separation of accounting records between the financial consulting operations and the promotion and underwriting operations to ensure regulatory compliance.
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