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2020-01-01

Financial Regulatory Authority Board Decision No. (187) of 2020

The Financial Regulatory Authority (FRA) of Egypt mandates that all companies and entities operating in non-banking financial activities establish and continuously update a customer database segmented by gender, age group, geographic location, and specific ownership/management criteria for women in legal entities. These regulated entities must submit quarterly reports detailing client transactions and the applied segmentation within fifteen days following each reporting period. The decision, approved on December 9, 2020, takes effect the day after its publication in the Egyptian Official Gazette and on the Authority's electronic website.

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Financial Regulatory Authority Egypt

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FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Board Decision No. (187) of 2020 dated December 9, 2020

Regarding the establishment of a database by companies and entities operating in non-banking financial activities, providing services to their clients

The Board of Directors of the Financial Regulatory Authority

Having reviewed:

  • Law No. (54) of 1975 on Private Insurance Funds;
  • Law No. (10) of 1981 on Supervision and Regulation of Insurance in Egypt;
  • Law No. (95) of 1992 on the Capital Market;
  • Law No. (93) of 2000 on the Central Depository and Registry for Securities and Financial Instruments;
  • Law No. (148) of 2001 on Real Estate Financing;
  • Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
  • Law No. (141) of 2014 regulating the activity of financing medium, small, and micro-enterprises;
  • Law No. (176) of 2018 regulating the activity of financial leasing and factoring;
  • Law No. (18) of 2020 regulating consumer activity;

And after the approval of the Authority's Board of Directors in its session held on December 9, 2020;

Has decided:

(Article One) Companies and entities operating in non-banking financial activities subject to the Authority's regulatory supervision are required to establish a database containing the services they provide to their clients. This database must, at a minimum, segment customers according to the following criteria:

Smart Village, Building 136-B, Giza, Egypt Postal Code: 12577 Tel: +202-35345350 - Fax: +202-35370036 info@fra.gov.eg www.fra.gov.eg

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

  1. Customer type (male - female).
  2. Customer age group.
  3. Geographic area for service provision.

For legal entities, the segmentation regarding women includes the following two cases:

  1. At least one woman owns a share of not less than (51%) of the company's or establishment's capital.
  2. At least one woman owns a share of not less than (20%) of the company's or establishment's capital, provided that at least one woman holds the position of Chairman of the Board, Managing Director, Executive Director, or Deputy to any of them.

(Article Two) Companies and entities operating in non-banking financial activities subject to the Authority's regulatory supervision are required to continuously update the database referred to in Article One of this Decision. They must also submit quarterly reports to the Authority regarding their transactions with clients, clearly indicating the aforementioned segmentation. These reports must be submitted within fifteen (15) days from the end of the period covered by each report.

(Article Three) This Decision shall be published in the Egyptian Official Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in the Official Gazette.

Chairman of the Board of Directors Dr. Mohamed Omran

Smart Village, Building 136-B, Giza, Egypt Postal Code: 12577 Tel: +202-35345350 - Fax: +202-35370036 info@fra.gov.eg www.fra.gov.eg

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