Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

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Chairman of the Authority

Resolution of the Authority's Board of Directors No. (175) of 2020 dated 18/11/2020

amending Resolution of the Authority's Board of Directors No. (53) of 2018 regarding the conditions for granting and maintaining licenses and the rules for share ownership of companies operating in non-banking financial activities

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The Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Resolution of the Authority's Board of Directors No. (53) of 2018 regarding the conditions for granting and maintaining licenses and the rules for share ownership of companies operating in non-banking financial activities; and upon the approval of the Authority's Board of Directors in its session held on 18/11/2020;

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Has Decided

(Article One)

The following text shall replace the text of Clause (7) of Article Four of Resolution of the Authority's Board of Directors No. (53) of 2018 regarding the conditions for granting and maintaining licenses and the rules for share ownership of companies operating in non-banking financial activities:

(Article Four – Clause 7)

7- Fulfilling all requirements for obtaining the license within a maximum of three months from the date of registration in the Commercial Register,
provided that this includes having experience in the banking and/or non-banking financial sector among at least half of the company's board of directors members, excluding the Managing Director, in accordance with the experience durations stipulated in the Authority's Board of Directors resolutions issued for each activity, and with the commitment that at least one-quarter of the board of directors members of insurance companies are experienced in the insurance field, and the experience requirements stipulated in this clause shall not apply to professional companies.

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(Article Two)

This Resolution shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette, with the current companies' boards of directors being required to comply with the provisions of Article One of this Resolution in their next upcoming elections.

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Chairman of the Authority's Board of Directors Dr. Mohamed Omran

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Official Logo of the Financial Regulatory Authority

(Official Seal)

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Smart Village, Building 137, Giza, Egypt
Postal Code: 110
Telephone: +2023052050
Fax: +2023052067
WWW.FRA.GOV.EG

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