Regulatory Alerts2018-01-01
Decision No. 106 of 2018 on Registration, Renewal, and Deletion of Founding Agents for Non-Banking Financial Companies in the FRA Register
The Financial Regulatory Authority of Egypt issued Decision No. 106 of 2018 to establish the regulatory framework for the registration, renewal, and deletion of founding agents representing companies in non-banking financial activities. The decision mandates specific formal, substantive, and professional competence requirements for agents, outlines a 15-day committee review process with a 60-day final authority ruling, and sets a 10,000 EGP fee alongside a three-year registration term. It further prohibits conflicts of interest and false reporting, authorizes suspension or deletion for non-compliance or legal violations, and requires existing agents to formalize their arrangements within six months of the decision's publication.
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