الهيئة العامة للرقابة المالية

• The approval was granted to Zilla Capital, RSM and Premier Financial Consulting
• These financial advisory firms are authorized to perform financial valuations and prepare fair value studies, adhering strictly to the Egyptian Standards for Financial Valuation of Enterprises.

FRA Committee for Reviewing Financial Advisor Applications (Registration, Renewal, Delisting) has approved three-year renewal of Zilla Capital, RSM Financial Consulting, and Premier Financial Consulting. This renewal, effective May 27, 2025, allows these companies to continue performing financial valuations.

Per FRA Chairman’s Decree No. 1561 of 2022, this Committee is specifically tasked with the technical review of all applications related to financial advisors, including registration, renewal, suspension and delisting, based on referrals from FRA’s Central Department for Establishment and Licensing. A critical part of their process involves personal interviews with candidates or representatives to ensure they meet FRA Board of Directors’ conditions and pass required technical tests.

This process is underpinned by FRA Board of Directors’ decree No. 114 of 2018 and its amendments. This decree established the registry itself for financial advisory firms and other FRA-licensed entities that conduct financial valuations and prepare fair value studies, especially when mandated by the Capital Market Law and its Executive Regulations. Currently, this comprehensive registry includes approximately 57 companies and entities.

Decree No. 114 of 2018 outlines four core conditions for inclusion in this registry. First: the company or entity must be licensed to perform financial valuations and fair value studies under the Capital Market Law. Foreign entities must be supervised by a regulatory body similar to FRA or the Central Bank of Egypt.

Second: Firms must hold professional indemnity insurance, tailored to the scope of their valuation work as determined by FRA. Foreign entities are exempt if their existing insurance covers similar professional damages.

Third: valuation activity must be conducted separately from any other operations, with independent financial accounts maintained.

Fourth: Firms must satisfy specific experience and professional competence criteria defined in the decree.

Furthermore, FRA Board of Directors’ Decree No. 82 of 2018 governs registered companies with securities listed on the stock exchange, while Decree No. 85 of 2018 applies to those not listed on the Egyptian Exchange, specifically regarding board membership requirements.