Egypt will keep pushing for Gaza peace, aid: PM    EGX ends week in green on Wednesday, July 23    Kibing Group plans $685m solar glass plant in Egypt's Sokhna – SCZONE chair    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



FRA activates asset revaluation experts' register
Published in Daily News Egypt on 10 - 08 - 2023

The Financial Regulatory Authority (FRA) has completed all the necessary arrangements to start receiving applications for the asset revaluation experts' register. The move is an implementation of the Authority's Board of Directors Decision No. 131 of 2023 regarding the controls for registration in the authority's asset valuation experts' register.
The authority issued decision No. 131 of 2023 regarding the controls for registration in the asset valuation experts' register, which stipulates that a new register is created for the persons wishing to carry out evaluation work, under the name "the asset revaluation experts register". That register must include the main data of the valuation experts registered. Those who are not registered may not carry out any valuation work for the purposes of re-evaluating assets.
The registration conditions and procedures for registration in the asset revaluation experts register were modified, as well as the registration controls for the documents required to be submitted for registration and the forms made for this purpose.
The procedures for registering asset revaluation experts in the register should be completed within no longer than one month from the date of submitting the application, in accordance with Resolution No. 131 of 2023 regarding the controls for registration in the asset valuation experts' register of the Authority.
The decision included dividing the new registry into several sections. The first section is dedicated to financial consulting companies and entities licensed by the Authority to carry out financial evaluation work and prepare fair value studies. The second is for real estate asset valuation experts, and the third section is for experts in assessing machinery, equipment, and means of transportation.
The decision regulated the conditions for natural persons to be in the register, which included that each person be registered in the list of assessment experts at the Authority or be licensed as an assessment expert by the competent authority in the country where they gained their experience.
The expert must have professional competence and pass the tests presented by the Authority. They must also undertake an insurance policy against occupational hazards throughout the registration period. The person must not have a record of past felonies or crimes of honor.
As for the registration of legal persons, they must be in the register of financial consulting companies and entities licensed by the Authority to carry out financial evaluation and prepare fair value studies, or on the list of valuation experts at the Authority, or in the register of expert houses at the CBE.
To continue being in the register, all licensed experts must continue to adhere to the conditions announced by the Authority. In case a breach of the regulations was done, a warning shall be made or a temporary halt of the registration that lasts no longer than one year, with the inability to re-register for a year after the incident.
Mohamed Farid, Chairperson of the FRA, said that professional competence and the ability to pass the tests of the authority are a prerequisite for registration in the asset revaluation experts' register in order to ensure the quality of revaluation work. He stressed that the authority is constantly keen on developing and organizing the work of professionals to enhance the role of the non-banking financial sector, in support of the government's vision of advancing the national economy.
Farid added that the Prime Minister had issued a decision to form a committee to review Egyptian accountability and auditing standards, along with other tasks. The committee plays a major role in developing Egyptian accountability standards to empower economic entities to display their financial lists in a way that reflects their true value and help companies obtain more financing to develop their businesses and enter into strategic partnerships.


Clic here to read the story from its source.