Regulatory Alerts2019-01-01
Decision No. 4602 dated 19/1/2019 on Forming a Founding Committee to Conduct Election Procedures for the Board of Directors of the Union of Financial Leasing Companies
The Financial Regulatory Authority (FRA) issued Decision No. 4602 dated January 19, 2019, to formally establish a founding committee tasked with organizing the inaugural elections for the board of directors of the Union of Financial Leasing Companies. The committee, chaired by Tarek Fahmy and comprising four designated industry representatives, is mandated to admit licensed leasing firms into the union, collect membership fees, convene the first general assembly within six months, and oversee the union's operational activation and financial reporting. All committee activities and expenditures must strictly comply with the FRA's 2019 statutory framework and be reported to the union's general assembly at the union's expense.
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