Regulatory Alerts2015-01-01
FRA Board of Directors Decision No. 64 of 2015
The General Authority for Financial Supervision (FRA) issued Decision No. 64 of 2015 to establish the licensing conditions and requirements for companies seeking authorization to conduct real estate financing or refinancing activities in Egypt. The regulation mandates that applicants operate as Egyptian joint stock companies with minimum paid-up capital thresholds of EGP 50 million for financing firms and EGP 250 million for refinancing firms, while requiring board members to possess relevant professional experience and at least two independent directors. Furthermore, the decision outlines strict eligibility criteria regarding founders' and managers' legal records, detailed application procedures with mandatory documentation, and conditions for license continuity during share transfers.