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.
