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Wednesday, 14 August 2019

Egypt’s FRA gives financial advisors six more months to comply with 2018 regulations

REGULATION WATCH- Egypt’s FRA gives financial advisors six more months to comply with 2018 regs: The Financial Regulatory Authority (FRA) has given the companies on its list of approved financial advisors and analysts an extra six months starting 28 August to comply with new regulations introduced last year, according to a recent decision (pdf). Companies that need more time to comply will have to submit an action plan by no later than 30 September, and meet all recent requirements (pdf) before the end of February 2020.

Background: The regulations introduced in July 2018 established a list of FRA-certified advisory firms and research houses to conduct financial valuation studies. They require firms to renew their registration on the list every three years. They will be removed from the registry and risk losing their operating licenses if they are found to be in violation of any laws. The move was meant to boost market transparency and sought to align policies with recent legislation such as the Capital Markets and Companies Acts.

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