Regulatory Alerts2020-01-01
Decision of the Board of Directors of the Authority No. 179 of 2020 Regarding Registration, Transfer, and Closure of Consumer Financing Companies' Branches
The General Authority for Financial Supervision (GAFI) issued Decision No. 179 of 2020 to establish mandatory regulatory frameworks for the registration, transfer, and closure of branches by companies licensed to conduct consumer financing activities in Egypt. The decision mandates specific operational, technical, and personnel qualifications for branch managers, requires detailed documentation and prior approval for any branch-related structural changes, and imposes strict timelines for implementation and operational commencement following regulatory consent. Additionally, it standardizes administrative credit authority structures across branch networks, establishes fixed examination fees for all related regulatory applications, and grants existing licensed entities a six-month grace period to regularize their compliance.