Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. 106 of 2018 regarding Registration, Renewal, and Deletion of Agents for Founders of Non-Banking Financial Companies
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. 106 of 2018 to establish the regulatory framework for the registration, renewal, and deletion of agents representing founders of non-banking financial companies. The decision outlines specific capital market, insurance, and financing activities, mandates formal and substantive eligibility criteria for agents, and defines their duties, prohibited conduct, and associated fees. It further stipulates procedures for registration suspension or deletion, establishes legal liability for non-compliance, and grants a six-month transition period for existing agents to regularize their status.
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