Regulatory Alerts2021-01-01
Financial Regulatory Authority Board of Directors Resolution No. (110) for 2021
The Financial Regulatory Authority (FRA) Board of Directors issued Resolution No. 110 of 2021 to amend the female representation requirement on the boards of non-banking financial companies. The amendment mandates that women hold at least 25% or a minimum of two board seats, aligning with the Authority's prior gender-inclusion directive. Non-banking financial entities must comply with this revised licensing framework by December 31, 2022.
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Resolution of the Board of Directors of the Financial Regulatory Authority No. (110) for the Year 2021, dated 5/7/2021 Amending Resolution of the Board of Directors No. (53) for 2018 Regarding the conditions for granting and maintaining licenses and share ownership rules of companies operating in non-banking financial activities
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) for 2009 regulating supervision over non-banking financial markets and instruments; Having reviewed Presidential Decree No. (192) for 2009 issuing the Basic Law of the Financial Regulatory Authority; Having reviewed Resolution No. (53) for 2018 regarding the conditions for granting and maintaining licenses and share ownership rules of companies operating in non-banking financial activities; Having reviewed Resolution No. (124) for 2019 requiring that the composition of boards of directors of companies operating in non-banking financial activities include at least one female member; Having approved the Board of Directors in its session held on 5/7/2021;
Has Decided
(Article One) Item Five of Article Four of Resolution No. (53) for 2018 regarding the conditions for granting and maintaining licenses and share ownership rules of companies operating in non-banking financial activities is amended as follows:
Article Four - Item (5): (5) The proportion of female representation on the company's board of directors shall not be less than 25% or at least two members.
(Article Two) Companies operating in the field of non-banking financial activities shall regularize their compliance as stipulated in this Resolution by no later than 31/12/2022.
(Article Three) This Resolution shall be published in the Egyptian Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Board of Directors Dr. Mohamed Omran
[Seal of the Financial Regulatory Authority] 46076
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