Regulatory Alerts2018-01-01
Board of Directors Decision No. 25 of 2018 Amending Decision No. 61 of 2017 on Client Account Protection Procedures for Securities Companies
The General Authority for Financial Supervision issued Board Decision No. 25 of 2018 to amend the client account protection procedures for securities companies under its jurisdiction. The amendment modifies Article Two of Decision No. 61 of 2017 by explicitly permitting the execution of securities trades, cash and check deposits and withdrawals, transaction acknowledgments, and account statement certifications through either special or general official powers of attorney. Additionally, it authorizes bank custodians to utilize Egyptian powers of attorney issued by their respective institutions to perform custodial activities on behalf of clients.
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