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.
Head of the Authority
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 Companies Operating in the Financial Leasing Activity
Head of the Financial Regulatory Authority
Having reviewed Law No. 10 of 2009 on regulating supervision over markets and non-banking financial instruments; and the Financial Leasing and Discounting Law issued by Law No. 176 of 2018; and Presidential Decision No. 192 of 2009 issuing the Statute of the Financial Regulatory Authority; and Authority Board Decision No. 149 of 2019 on the Statute of the Union of Companies Operating in the Financial Leasing Activity;
Preamble
(Article One)
A founding committee for the Union of Companies Operating in the Financial Leasing Activity shall be formed, chaired by Mr. Tarek Fahmy - President of the Egyptian Financial Leasing Association, and comprising the following members:
1- Mr. Khaled El-Azaby – Managing Director of QNB Financial Leasing Company. 2- Mr. Mohamed Al-Sebili – Managing Director of Technolies Financial Leasing Company. 3- Dr. Salah Youssef – Head of Legal Affairs at Corelis Financial Leasing Company. 4- Ms. Hala Zaki – Credit Monitoring General Manager – Incollis Financial Leasing Company – Female Representative.
(Article Two)
The Committee referred to in Article One of this Decision shall directly undertake the following tasks:
1- Taking procedures to admit companies licensed by the Authority to practice the financial leasing activity into the Union's membership. 2- Collecting the membership joining fee for the Union.
(Article Three)
The Committee shall, in exercising its duties outlined in this Decision, comply with the provisions of Authority Board Decision No. 149 of 2019 on the Statute of the Union of Companies Operating in the Financial Leasing Activity.
(Article Four)
The Committee shall convene upon invitation from its Chairperson, and its meetings shall not be valid unless a majority of members are present, and its decisions shall be issued by a majority of its members. The Committee shall also be obligated to present a comprehensive report on the procedures it undertook to activate the Union to the Union's General Assembly, as well as the expenditures required by these procedures, at the Union's expense.
(Article Five)
This Decision shall be enforced from the date of its issuance, and the competent departments within the Authority shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt Postal Code: 110 Telephone: +202 35345350 Fax: +202 35370036 WWW.FRA.GOV.EG
Building Bridges not Walls Build Bridges, Not Walls
(Article Three)
3- Taking procedures to convene the Union's first General Assembly to elect its board of directors within a period not exceeding six months from the date of issuance of this Decision, and reviewing the approval of the revenue and expenditure accounts and the auditor's report for this period. 4- Taking the necessary procedures to activate the Union's activity and commence its operations.
(Article Four)
The Committee shall convene upon invitation from its Chairperson, and its meetings shall not be valid unless a majority of members are present, and its decisions shall be issued by a majority of its members. The Committee shall also be obligated to present a comprehensive report on the procedures it undertook to activate the Union to the Union's General Assembly, as well as the expenditures required by these procedures, at the Union's expense.
(Article Five)
This Decision shall be enforced from the date of its issuance, and the competent departments within the Authority shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt Postal Code: 110 Telephone: +202 35345350 Fax: +202 35370036 WWW.FRA.GOV.EG
Building Bridges not Walls Build Bridges, Not Walls