Regulatory Alerts2015-01-01
Decision No. 118 of 2015 of the Capital Market Authority Board of Directors Amending Decision No. 31 of 2015 Regarding Rules and Standards for Microfinance Activities of Associations and Civil Society Organizations
The Capital Market Authority of Egypt issued Decision No. 118 of 2015 to amend the personnel qualification requirements for managers of Category (C) microfinance activities operated by associations and civil society organizations with financial portfolios under 10 million Egyptian pounds. The revised standards mandate that these managers hold at least a secondary education degree, possess comprehensive knowledge of microfinance operational mechanisms and risk management, and demonstrate the ability to supervise staff teams. This regulatory adjustment updates the implementation guidelines of Decision No. 31 of 2015 to ensure appropriate managerial competency within the sector.
Egyptian Gazette - Issue 261 on November 18, 2015, Page 23
Capital Market Authority Decision of the Board of Directors of the Capital Market Authority No. 118 of 2015 Dated October 29, 2015
Regarding the Amendment of the Board's Decision No. 31 of 2015 Regarding the Rules and Standards for Conducting Microfinance Activities for Associations and Civil Society Organizations
The Board of Directors of the Capital Market Authority, Having reviewed Law No. 10 of 2009 Regulating the Supervision of Non-Forex Financial Markets and Instruments; And Law No. 141 of 2014 Regulating Microfinance Activities; And Presidential Decree No. 192 of 2009 Issuing the Basic Statute of the Capital Market Authority; And Decision of the Board of Directors of the Capital Market Authority No. 31 of 2015 Regarding the Rules and Standards for Conducting Microfinance Activities for Associations and Civil Society Organizations; And with the approval of the Board of Directors of the Capital Market Authority on October 29, 2015;
Decided:
(Article One) Amending Item (1) in First of Annex (1) attached to the aforementioned Decision regarding the conditions that must be met by the manager of the Associations and Civil Society Organizations activity from Category (C) whose financial portfolio is less than 10 million Egyptian pounds, to read as follows: 1 - Holding at least a secondary education qualification. 2 - Possessing sufficient knowledge of microfinance operational mechanisms, its foundational principles, and how to manage its risks. 3 - The ability to supervise and coordinate a group of employees.
(Article Two) This Decision shall be published in the Egyptian Gazette and shall take effect from the date of its issuance, and all relevant authorities shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors Sherif Samy