• FRA issued Prime Minister’s decree No. 1760 of 2020, amending executive regulations of the capital market law No. 95 of 1992 re purchase offers for purpose of takeover/acquisition.
• Provided new acceptable forms of sukuk; flexibility for real estate investment funds.
• Removed certain concentration risk cap for private equity funds; covered acquisitions.

Real Estate Investment Funds

• Real estate funds may invest in any properties except those that are legally contested.
• Assets can now be evaluated by only one appraisal expert registered with the FRA.
• Amendments provided flexibility for property funds to implement their venture policies.

Private Equity Funds

• Private fund managers may diversify investments and provide financing for projects.
• As well as manage concentration risks in manner commensurate with the fund’s goal.
• Removed prohibition on investing more than 25% of fund’s net assets in one company.

Acquisitions, Non-Active Shares

• Clarified how to calculate price of active shares subject to acquisition purchase offer.
• Stipulated setting prices for buying non-active shares based on a fair value study.
• Investors now permitted ownership of above 75% of target firm's shares/voting rights.
• So long as the ownership resulted from a previous purchase offer, without the need to submit a compulsory purchase offer; FRA has the authority to reject a purchase offer.