Regulatory Alerts2020-01-01
Financial Regulatory Authority Board of Directors Resolution No. (175) of 2020
The Financial Regulatory Authority (FRA) issued Resolution No. 175 of 2020 to amend the licensing and share ownership rules for companies operating in non-banking financial activities. The resolution revises Article Four, Clause 7 to require that all licensing conditions be met within three months of commercial registration, while mandating that at least half of a company’s board members (excluding the Managing Director) hold relevant financial sector experience, with insurance companies specifically required to have at least one-quarter of their board experienced in insurance. Effective upon publication in the Egyptian Gazette, existing companies must align their board compositions with these experience requirements during their next scheduled elections.