Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Authority No. (7) for 2019 Regarding Rules and Regulations Governing Licensed Leasing and Factoring Companies
The Financial Regulatory Authority of Egypt issued Decision No. (7) of 2019 to establish comprehensive operational rules and regulations for licensed financial leasing and factoring companies. The decision mandates minimum standards for proper company operation, including strict record-keeping, customer data confidentiality, transparent complaint resolution channels, and adherence to sector-specific customer protection principles. Additionally, it requires companies to implement integrated internal control systems, independent risk management departments, structured credit granting and collection policies, and robust IT infrastructure and branch management protocols to ensure financial solvency and regulatory compliance.
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