Regulatory Alerts2019-01-01
Decision No. 656 Dated 2019/8/1 Forming a Founding Committee for the Union of Companies Operating in the Factoring Activity
The General Authority for Financial Supervision issued Decision No. 656 to establish a founding committee tasked with organizing the inaugural general assembly and electing the board of directors for the newly formed Union of Companies Operating in the Factoring Activity. The committee, chaired by the President of the Egyptian Factoring Association and including managing directors from licensed factoring firms, is mandated to process membership applications, collect fees, and implement all necessary steps to activate the union's operations within six months. The committee must operate in strict compliance with the union's basic statute, report its activation procedures and associated expenses to the general assembly, and ensure its decisions are executed by the relevant Authority departments upon issuance.