Regulatory Alerts2016-01-01
Board of Directors Decision No. 135 of 2016 on Acquisition and Control Rules for Securities Brokerage and Investment Fund Management Companies
The Egyptian Financial Supervisory Authority (EFSA) issued Board Decision No. 135 of 2016 to establish strict acquisition and control thresholds for securities brokerage and investment fund management companies. The regulation mandates prior EFSA approval for any direct or indirect acquisition exceeding one-third of issued capital or voting rights, or any stake leading to actual control, while requiring detailed documentation on applicant qualifications, ownership structures, and business plans. It further outlines the examination criteria for the Board, validity periods for approvals, compliance procedures for inheritances, and alignment with existing capital market disclosure requirements.
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