Egypt: Regulator ready to receive applications for registration as asset valuation experts
Source: Middle East Insurance Review | Sep 2023
The Financial Regulatory Authority (FRA) has completed all the necessary arrangements to start receiving applications for the asset valuation experts’ register.
The move implements a decision taken by the regulator’s board of directors regarding the controls for registration in the authority’s asset valuation experts’ register, according to a report in Daily News Egypt.
Under the decision, persons wishing to carry out valuation work, are to be listed in the new ‘asset valuation experts register’. The register must include the main data of the experts registered. Those who are not registered may not carry out any valuation work.
The arrangements set out the conditions and procedures for registration in the register, as well as the documents required.
For instance, the procedures for registering asset revaluation experts should be completed within no longer than one month from the date of submitting the application.
The decision includes dividing the new registry into several sections. The first section is dedicated to financial consulting companies and entities licensed by the FRA 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.
Natural persons listed in the register have to be licensed as an assessment expert by the competent authority in the country where they gained their experience. M