Regulatory Alerts2009-01-01
Decision No. 23 of the Board of Directors for the Year 2009
The Egyptian Financial Regulatory Authority issued Decision No. 23 of 2009 to amend the registration, continuation, and expulsion conditions for accountants in its official register. The decision replaces the previous criminal record provision with a requirement for applicants to submit documentation confirming no final criminal convictions against them. It additionally mandates that non-government accountants be registered with the Central Agency for Accounting and explicitly expands disciplinary grounds to include the submission of incomplete or false data to the Authority or its Quality Control Unit.
The Official Gazette - No. 214 on 13 September 2009
The Egyptian Financial Regulatory Authority
Decision No. 23 of 2009
Dated 1/9/2009
Concerning the Amendment of the Conditions for Registration, Continuation of Registration, and Expulsion in the Register of Accountants with the Egyptian Financial Regulatory Authority
Chairman of the Board of Directors of the Egyptian Financial Regulatory Authority
Having reviewed the Law on Joint Stock Companies, Companies Limited by Shares, and Limited Liability Companies issued by Law No. 159 of 1981 and its Executive Regulations:
And the Law on Supervision and Control of Insurance issued by Law No. 10 of 1981 and its Executive Regulations:
And the Capital Market Law issued by Law No. 95 of 1992 and its Executive Regulations:
And the Real Estate Financing Law issued by Law No. 148 of 2001 and its Executive Regulations:
And the Law Regulating Supervision on Non-Banking Financial Markets and Instruments issued by Law No. 10 of 2009:
And Decision No. 33 of 2009 of the Board of Directors of the Capital Market Authority Concerning the Conditions for Registration, Continuation of Registration, and Expulsion in the Register of Accountants with the Authority:
And the minutes of the meeting of the Board of Directors of the Egyptian Financial Regulatory Authority in its meeting No. (2) of 2009 dated 3/8/2009
The Official Gazette - No. 214 on 13 September 2009
Decided:
(Article One)
The preceding paragraph is replaced by paragraph (e) of Article (3) of the Conditions for Registration, Continuation of Registration, and Expulsion in the Register of Accountants with the Authority, referred to above:
(e) Submission of documentation confirming that no final criminal judgments have been issued against the accountant.
(Article Two)
The following clause is added to Article (3) of the Conditions for Registration, Continuation of Registration, and Expulsion in the Register of Accountants with the Authority, referred to above:
(h) That the applicant for registration be registered in the register maintained by the Central Agency for Accounting regarding those practicing the profession outside the government sector.
(Article Three)
The preceding clause is replaced by clause (a) of Article (8) of the Conditions for Registration, Continuation of Registration, and Expulsion in the Register of Accountants with the Authority, referred to above:
(a) Recording incomplete or false data, whether in any forms, data, or reports submitted by accountants to the Egyptian Financial Regulatory Authority and/or the Quality Control Unit for Accountants' Work.
(Article Four)
This Decision shall be published in the Official Gazette and shall take effect from the day following its publication date.
Chairman of the Board
Dr. Ziad Bahaa El-Din