EFSA Board of Directors Resolution No. 32 of 2009 dated 1/9/2009

Concerning the Register of Auditors Registered with the Egyptian Financial Supervisory Authority

Chairman of the Board of Directors of the Egyptian Financial Supervisory Authority

Having reviewed:

• The Joint Stock Companies, Partnerships Limited by Shares, and Limited Liability Companies Law issued under Law No. 159 of 1981 and its Executive Regulations;
• The Law on Supervision and Regulation of Insurance issued under Law No. 10 of 1981 and its Executive Regulations;
• The Capital Market Law issued under Law No. 95 of 1992 and its Executive Regulations;
• The Real Estate Financing Law issued under Law No. 148 of 2001 and its Executive Regulations;
• The Law Regulating Supervision on Non-Banking Financial Markets and Instruments issued under Law No. 10 of 2009;
• The Board of Directors of the General Authority for the Capital Market Resolution No. 8 of 2009 concerning the determination of fees for registration services in the Register of Auditors;
• The Board of Directors of the General Authority for the Capital Market Resolution No. 33 of 2009 concerning the conditions for registration, continuation of registration, and deletion from the Register of Auditors with the Authority;
• And having approved the resolution by the Board of Directors of the Egyptian Financial Supervisory Authority in its session No. (2) of 2009 dated 3/8/2009;

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Article One

The name "Register of Auditors Registered with the General Authority for the Capital Market" is amended to become "The Register of Auditors Registered with the Egyptian Financial Supervisory Authority," while retaining the registration numbers as they are.

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Article Two

The registers of auditors registered with both the Egyptian Insurance Supervisory Authority and the General Authority for Housing and Development Affairs are abolished. The registration of auditors registered with them (excluding those not registered in the Register of Auditors with the General Authority for the Capital Market) is transferred to the Register referred to in Article One, under new registration numbers.

Auditors registered in this Register are not permitted to provide their services except to companies that they were permitted to audit prior to the transfer of their registration.

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Article Three

The conditions for registration, continuation of registration, and deletion from the Register of Auditors with the General Authority for the Capital Market issued by Board of Directors Resolution No. 33 of 2009 shall continue to apply under the name "Conditions for Registration, Continuation of Registration, and Deletion from the Register of Auditors with the Egyptian Financial Supervisory Authority."

Furthermore, the Board of Directors of the General Authority for the Capital Market Resolution No. 8 of 2009 concerning the determination of fees for registration services in the Register of Auditors shall continue to apply, with the addition of insurance companies, reinsurance companies, cooperative insurance associations, and housing finance companies to the list of companies for which annual service fees must be paid upon the audit of their accounts.

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Article Four

This Resolution shall be published in the Egyptian Gazette and shall take effect from the day following its publication date.

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Dr. Ziad Bahaa El-Din Chairman of the Board 46076

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Egyptian Financial Supervisory Authority (EFSA)

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