Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Resolution No. (156) of 2021 Amending Resolution No. (58) of 2018 on Licensing Rules for Banks and Investment Fund Companies
The Financial Regulatory Authority Board of Directors issued Resolution No. 156 of 2021 to amend licensing rules for banks and non-banking financial companies managing investment funds. The resolution mandates that founding entities reserve 2% of each fund's size or issuance, capped at five million Egyptian pounds, which must be used for instrument subscriptions and deposited with the receiving entity. It further permits exceeding this cap, requires evidence of deposit, and establishes a minimum 51% self-operated share when entities collaborate in fund management.
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