Board of Trustees Decision No. (3) of 2015

Dated 2015/8/5

Regarding the Expiration of the Specified Period for Associations and Civil Institutions Holding Temporary Licenses

to Engage in Microfinance Activities to Obtain Final Licenses

Board of Trustees of the Microfinance Activity Supervision Unit for Associations and Civil Institutions:

After reviewing Law No. (10) of 2009 regarding the regulation of supervision over non-banking financial markets and instruments;

And on the President of the Republic's Decision by Law No. (141) of 2014 regarding the regulation of microfinance activities;

And on the General Authority for Financial Supervision (GAFS) Board of Directors Decision No. (159) of 2014 regarding the Statutes of the Microfinance Activity Supervision Unit for Associations and Civil Institutions;

And on the Authority's Board of Directors Decision No. (31) of 2015 regarding the rules and standards for practicing microfinance activities by associations and civil institutions;

And on the Unit's Board of Trustees Decision No. (1) of 2014 regarding the rules and procedures for regularizing the status of associations and civil institutions practicing microfinance activities prior to the implementation of Law No. (141) of 2014;

And on the Unit's Board of Trustees Decision No. (2) of 2015 regarding the deadlines and procedures for final licensing to practice microfinance activities by associations and civil institutions in accordance with the provisions of Law No. (141) of 2014;

And on the approval of the Unit's Board of Trustees dated 2015/8/5;

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Has Decided

(Article One)

It has been approved to extend the deadline for associations and civil institutions holding temporary licenses to practice microfinance activities to submit their applications for final licensing until Thursday, August 27, 2015.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the website of the General Authority for Financial Supervision, and shall take effect from the day following its issuance.

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Chairman of the General Authority for Financial Supervision
and Chairman of the Board of Trustees
Sherif Samy