Regulatory Alerts2021-01-01
Decision of the Board of Directors of the Authority No. (83) for 2021 (Updated Version)
The General Authority for Financial Supervision issued Decision No. 83 of 2021 to extend the application of the Consumer Financing Activity Law to specific goods and services, excluding those legally prohibited from trade. This decision repeals the Authority's prior Board decisions No. 114 and 132 of 2020, which had previously added certain goods and services to the law's scope. The decision takes effect the day after its publication in the Egyptian Official Gazette and on the Authority's official website.
14 Egyptian Official Gazette - No. 144 dated June 28, 2021
General Authority for Financial Supervision Decision of the Board of Directors of the Authority No. 83 for 2021 dated June 6, 2021 regarding the goods and services to which the provisions of the Consumer Financing Activity Law apply
The Board of Directors of the General Authority for Financial Supervision
Having reviewed Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; Having reviewed the Consumer Financing Activity Law issued by Law No. 18 of 2020; Having reviewed the Authority's Board decisions No. 114 and 132 of 2020 regarding the addition of certain goods and services to which consumer financing activities provided by consumer financing companies apply; And having approved the Authority's Board in its session held on June 6, 2021;
Has decided:
( Article One )
The provisions of the Consumer Financing Activity Law provided by consumer financing companies shall apply to goods and services, except those prohibited by law from being traded, in accordance with Article Three of the provisions of Law No. 18 of 2020 issuing the Consumer Financing Activity Law.
15 Egyptian Official Gazette - No. 144 dated June 28, 2021
( Article Two )
The Board's decisions No. 114 and 132 of 2020 are hereby repealed.
( Article Three )
This Decision shall be published in the Egyptian Official Gazette and on the Authority's website, and shall take effect from the day following its publication date in the Egyptian Official Gazette.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran