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 Capital Market Authority (CMA) chairman had issued decision no (41) for 2007 concerning registering the financial consultants in a special register related to the authority. Financial consultants are those who are independent or who provide consultations or studies in the valuation field on the occasion of an increase in capital or acquisitions of business enterprises. Such services are required to ensure compliance with articles no.(17) and (22) of the  executive regulations of the Capital Market law, and to provide any studies or consultations according to terms of the twelfth chapter of the executive regulation concerning acquisitions offers. Such consulting applies to the companies whose financial securities are registered in the Egyptian and/or Alexandria stock exchanges and also the companies working in the financial securities field.


The CMA (later the name changed to the Egyptian General Financial Supervisory Authority (EGFS)) decision determines the entities who can apply for registering in the independent consultants register as promotion and under writing companies,  financial consultants licensed by the authority and also the Egyptian banks and foreign banks branches licensed by the Central Bank of Egypt in addition to the foreign investment banks licensed by the active membership of the international organization for control authorities on the capital market (Allaosko), according to the terms set by the authority. The decision permitted the auditors registered in the auditors register and willing to register in the financial consultants to perform valuation operations according to items 17 and 22 of the executive regulations and to meet the registration conditions that have been approved by the Egyptian General Financial Supervisory Authority decision.


The decision included the conditions that must be met by the entities applying for registration which is to have a department specialized in financial consulting related to promotion and underwriting operations, valuation, or merger and acquisition operations, the department should have at least three employees with experience in this field and the director experience must not be less than 5 years.


The entity must have done or even participated in making at least three studies related to promotion and underwriting, acquisition, financial valuation or determining the fair value in the past three years to apply for registration. Also the company must have internal auditor independent with 5 years experience at least in the previous fields and to be responsible for not disclosing unethically information, and to ensure compliance by the company’s employees regarding confidentiality in the subjects under study and not yet published, and to direct the employees ethics as not to  gain personal benefits .

Some of the conditions determined by the decision that the entity must comply with the elements of controls set by the EGFS; in relation to its independence of the financial consultants, and to provide a report to indicate performing the optimum tasks noted in the decision according to the accepted standards of ethics. All financial consulting or studies should include any material qualifications that may lead to some harm to third parties. And finally those entities must pay the fees determined by the board of directors of the authority and to comply with the executive procedures for the registration that are being issued by the chairman of the Capital Market Authority.

Pursuant to the principal of disclosure and transparency, and to ensure the authority role in supervision and its role in retaining the market stability and minimizing market risks, the decision stated the importance of the compliance of the consultants registered in the register for disclosing other activities and providing the authority with any data it needs and answering all the questions and notes requested by the authority during the time it specifies. The authority has the right to cancel the financial consultant in the register in case of not complying with the rules noted in the decision. The authority makes continuous follow up to make sure that the dealing parties comply with the rules stated.


Financial Consultants for Marketable Securities, Dr. A.M Hegazy-Horwath Company has been established by a license no 486 in 2008 issued by the General Capital Marketable Authority as an Egyptian joint stock Company subject to law no.95 for 1992 and its executive regulations and according to the provisions of the law applied in Arab Republic of Egypt for providing financial consultations related to:

•      Financial evaluation or determining the fair value

•      Merger and acquisition operations