الهيئة العامة للرقابة المالية

• Prohibiting any financial transfers between the accounts of clients of all brokerage firms.
• Specified authorized individuals for account transfers and deposits
• This decree follows extensive consultations with brokerage firms

FRA Board of Directors chaired by Dr. Mohamed Farid, has issued Decree No. 212 of 2024, amending decree No. 61 of 2017 concerning procedures to enhance the protection of client accounts at brokerage firms.

The new measures prohibit any financial transfers between the accounts of clients, as well as any deposits into client accounts made by unauthorized individuals.

This decree was issued following a series of community dialogue sessions involving all relevant stakeholders. The Authority listened to the views of brokerage firms to ensure the effective implementation of measures designed to strengthen account security and protect investor interests.

It is part of the Authority’s ongoing efforts to ensure compliance with Anti-Money laundering and counter-terrorism financing regulations. The Authority is committed to develop the non-bank financial markets, safeguards investor interests, and prevents financial irregularities.

The new decree prohibits any financial transfers between the accounts of clients of all brokerage firms, portfolio management companies, and custodians, as well as any deposits into client accounts made by unauthorized individuals.

In addition, it specifies that only authorized individuals, including spouses and relatives up to the second degree, are permitted to conduct financial transactions on behalf of clients. This measure is consistent with Anti-Money laundering and counter-terrorism financing regulations