Regulatory Alerts2018-01-01
Decision of the Board of Directors of the General Authority for Financial Supervision No. 53 of 2018 Amending Licensing and Company Name Ownership Rules for Non-Banking Financial Activities
The General Authority for Financial Supervision (FRA) issued Decision No. 53 of 2018 to amend licensing conditions and company name ownership rules for non-banking financial activities. The amendment formally expands the regulatory definition of financial institutions by adding private insurance funds with invested assets exceeding 100 million Egyptian pounds. Approved by the FRA Board on September 13, 2018, the decision takes effect the day following its publication in the Egyptian Gazette.
Chairman of the Authority
Decision of the Board of Directors of the General Authority for Financial Supervision
No. (53) of 2018 dated 13/9/2018
Regarding the Amendment of Decision No. (53) of 2018 of the Board of Directors of the Authority
Concerning the Conditions for Granting and Maintaining Licenses and the Rules for Owning the Names of Companies Operating
in Non-Banking Financial Activities
Board of Directors of the General Authority for Financial Supervision
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-Shareholder Companies under Law No. (159) of 1981 and its Executive Regulations;
and the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations and amendments;
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 by Law No. (148) of 2001 and its Executive Regulations;
and the Anti-Money Laundering Law issued by 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 leasing and factoring activities;
and Presidential Decree No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision;
and Decision No. (53) of 2018 of the Board of Directors of the Authority concerning the conditions for granting and maintaining licenses and the rules for owning the names of companies operating in non-banking financial activities;
and the approval of the Board of Directors of the Authority in its session held on 13/9/2018.
Has Decided
Article One
Two new items 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 Board of Directors of the Authority, as follows:
For the purposes of applying the provisions of this Decision, the following words and phrases shall have the meanings indicated beside each of them:
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
Office of the Chairman of the Authority
General Authority for Financial Supervision
46076
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036
www.FRA.gov.eg
Smart Village, Building 136 - B, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax.: +202 35370036
info@fra.gov.eg