Regulatory Alerts2018-01-01
Board of Directors Decision No. 53 of 2018 Amending Licensing Conditions and Company Name Ownership Rules for Non-Banking Financial Activities
The Financial Regulatory Authority (FRA) issued Decision No. 53 of 2018 to amend its prior licensing framework for non-banking financial activities. The amendment specifically adds two new categories to the definition of financial institutions, including private insurance funds with invested assets exceeding 100 million Egyptian pounds. This decision was approved by the FRA Board of Directors on September 13, 2018, and takes effect the day after its publication in the Egyptian Gazette.
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (53) of 2018 dated 13/9/2018
Regarding the Amendment of Decision No. (53) of 2018 of the Authority's Board of Directors
Concerning the Conditions for Granting and Maintaining Licenses and Rules for Company Name Ownership
for Companies Operating in Non-Banking Financial Activities
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (54) of 1975 promulgating the Law on Private Insurance Funds and its Executive Regulations;
and Law No. (10) of 1981 concerning supervision and control of insurance in Egypt and its Executive Regulations;
and the Law on Joint Stock Companies, Companies Limited by Shares, Limited Liability Companies, and Single-Person Companies under Law No. (159) of 1981 and its Executive Regulations;
and the Capital Market Law issued under Law No. (95) of 1992, its Executive Regulations, and amendments thereto;
and Law No. (93) of 2000 promulgating the Central Depository and Registration of Securities Law and its Executive Regulations;
and the Real Estate Financing Law issued under Law No. (148) of 2001 and its Executive Regulations;
and the Anti-Money Laundering Law issued under Law No. (80) of 2002 and its Executive Regulations;
and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
and Law No. (141) of 2014 regulating microfinance activities;
and Law No. (176) of 2018 promulgating the Law regulating financing lease and factoring activities;
and Presidential Decree No. (192) of 2009 promulgating the Basic Statute of the Financial Regulatory Authority;
and Decision No. (53) of 2018 of the Authority's Board of Directors concerning the conditions for granting and maintaining licenses and rules for company name ownership for companies operating in non-banking financial activities;
and the approval of the Authority's Board of Directors at its meeting held on 13/9/2018.
Has Decided
Article One
Two new paragraphs numbered (14) and (15) shall be added to the financial institutions listed in Article Two of the aforementioned Decision No. (53) of 2018 of the Authority's Board of Directors, as follows:
For the purposes of applying the provisions of this Decision, the following words and expressions shall carry the meanings indicated alongside each:
Financial Institutions:
...
- Private insurance funds whose invested assets exceed 100 million Egyptian pounds.
Article Two
This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
[Seal of the Financial Regulatory Authority - Chairman's Office]
46076
Smart Village, Building No. B-136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - 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