Regulatory Alerts2021-03-21
Added · Updated
FRA Board Decision No. 41 of 2021 on Rules and Procedures for Electing Representatives to the Investor Protection Fund Board
The Financial Regulatory Authority establishes eligibility criteria and election procedures for representatives to the Investor Protection Fund Board, distinguishing between securities brokerage firms, non-brokerage securities firms, and companies listed on Egyptian exchanges. The decision mandates specific operational history, financial standing, and personal integrity requirements for eligible entities and their nominated individuals, while prohibiting dual board memberships with the Central Depository, Clearing and Registration Company or the Exchange. It outlines a structured nomination, verification, and voting process, including appeal mechanisms and quorum requirements, and repeals the previous 2014 decision governing these elections.
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