Regulatory Alerts2023-01-01
Circular Letter No. 2 of 2023 Amending Circular Letter No. 2 of 2023 Regarding Creditors' Reporting to the Central Bank of Egypt and Credit Reporting Agencies
The Financial Regulatory Authority issued Circular Letter No. 2 of 2023 to amend previous reporting requirements for credit-granting entities under Article 113 of Central Bank Law No. 194 of 2020. The directive mandates that all credit providers, including non-banking sectors, continuously register customer credit profiles and link their systems to the Central Bank's database and credit reporting agencies. Specifically, it requires private collection agencies handling securitized portfolios to continue reporting customer balances to these entities until debts are fully settled or contracts expire.
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (113) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (113) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular Letter No. (2) dated 2023/5/8 Amending Circular Letter No. (2) dated 2023/3/16 Regarding Reporting by Credit-Granting Companies to the Central Bank of Egypt and Credit Reporting and Rating Agencies
In the context of the Financial Regulatory Authority's role in ensuring the safety and stability of financial markets within the non-banking financial sector, and providing the means, systems, and issuing rules that ensure the efficiency of these markets and the transparency of activities conducted therein.
And in striving to prepare data for all credit-granting entities, whether in the banking or non-banking financial sector, with credit reporting companies, in accordance with the provisions of Article (123) of Central Bank Law No. 194 of 2020, which stipulates that "Banks and credit-granting entities are required to continuously register customer profiles immediately upon approval of granting them financing or credit facilities, and the Central Bank may request any necessary amendments to update this system, ensure the comprehensiveness of debtor customer data, and must link this system to the information database aggregated from credit reporting and rating agencies.
And the rules and procedures issued by the Board of Directors shall determine the details."
Deputy Chairman of the Board of Directors Financial Regulatory Authority
Dr. Islam Azam
Dated: 2023/5/1
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
Deputy Chairman
Circular