Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. 36 of 2018
The Financial Regulatory Authority issued Decision No. 36 of 2018 to establish the procedures for associations and civil society institutions to voluntarily surrender their microfinance licenses. The decision mandates that applicants submit a formal request to the relevant Supervision Unit along with board resolutions, client disbursement statements, commitments to cease future lending, and amended bylaws, or provide auditor-certified proof of a zero portfolio balance. For entities that never commenced operations, a simplified cancellation process applies, and the Authority's Supervision Unit must adjudicate requests within fifteen days while notifying the Egyptian Microfinance Union within two days of issuance.
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