Regulatory Alerts2021-01-01
Board of Directors Decision No. (1) of 2021
The Financial Regulatory Authority of Egypt issued Board Decision No. (1) of 2021 to amend Decision No. (58) of 2018 regarding licensing rules for banks and non-banking financial companies. The amendment introduces Article Seventh (1/1), permitting open-end investment funds to issue multiple tranches provided they share a unified investment objective, maintain separate accounts, establish independent document holders' assemblies, and secure a minimum five million Egyptian pound reserve with at least 2% participation per tranche. The decision mandates full disclosure of tranche-specific terms in the prospectus or information memorandum and takes effect the day after publication in the Egyptian Gazette.
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