Board of Directors Secretariat

Decision of the Board of Directors of the Egyptian Financial Supervisory Authority

No. (71) of 2016 dated 2016/6/21

Regarding the Rules and Standards for Practicing the Microfinance Activity for Associations and Civil Society Institutions

Board of Directors of the Egyptian Financial Supervisory Authority

Having reviewed the Law Regulating Supervision over Non-Banking Financial Markets and Instruments, issued under Law No. 10 of 2009;

and the Law No. (141) of 2014 Regulating the Microfinance Activity;

and Decision No. 192 of 2009 of the President of the Arab Republic of Egypt Issuing the Statute of the Egyptian Financial Supervisory Authority;

and Decision No. (159) of 2014 of the Authority's Board of Directors, Regarding the Statute of the Supervisory Unit for the Microfinance Activity of Associations and Civil Society Institutions;

and Decision No. 31 of 2015 of the Board of Directors of the Egyptian Financial Supervisory Authority and its amendments, Regarding the Rules and Standards for Practicing the Microfinance Activity for Associations and Civil Society Institutions;

and upon the approval of the Board of Directors of the Egyptian Financial Supervisory Authority in its meeting held on 2016/6/21.

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AMENDED

(Article One)

A second paragraph with the following text is added to Article (12) of Decision No. 31 of 2015 of the Authority's Board of Directors Regarding the Rules and Standards for Practicing the Microfinance Activity for Associations and Civil Society Institutions:

"The auditor of the association or civil society institution registered in the Authority's records shall approve the independent records for the microfinance activity of the associations and institutions whose accounts they audit, in accordance with the controls set by the Authority."

(Article Two)

This Decision shall be enforced from the date of its issuance, and the competent departments are tasked with its implementation.

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Chairman of the Board of Directors
Sherif Samy

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