Decision of the Board of Directors of the Financial Regulatory Authority

No. (197) of 2018 dated 31/12/2018

Regarding the amendment of the Authority's Board Decision No. (163) of 2018 concerning the executive regulations for practicing factoring activities

Board of Directors of the Financial Regulatory Authority

After reviewing Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
And Law No. (176) of 2018 organizing the activities of financial leasing and factoring;
And Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority;
And the Authority's Board Decision No. (163) of 2018 concerning the executive regulations for practicing factoring activities;
And the approval of the Authority's Board of Directors in its session held on 31/12/2018;

Has Decided

Article One

In implementation of the provision of paragraph (z) of Article Seven of the Authority's Board Decision No. (163) of 2018 concerning the executive regulations for practicing factoring activities referenced above, a new clause is added to the list of commodity products or services from which the sold right must originate, when practicing factoring activities in cases where the debtor is an end consumer, with the following text:

• Sports club membership fee services.

Article Two

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

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Chairman of the Board of the Authority
Dr. Mohamed Omran

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Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35353500 - Fax: +202 35370036
info@fra.gov.eg

Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg