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.
General Authority for Financial Supervision Chairman of the Authority
Decision No. (656) dated 2019/8/1 Forming a Founding Committee for the Union of Companies Operating in the Factoring Activity
Chairman of the General Authority for Financial Supervision Having reviewed Law No. 10 of 2009 regulating supervision over markets and non-banking financial instruments; And the Financial Leasing and Factoring Law issued by Law No. 176 of 2018; And Presidential Decision No. 192 of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; And the Authority's Board of Directors Decision No. 150 of 2019 regarding the Basic Statute of the Union of Companies Operating in the Factoring Activity;
Has decided
(Article One) A founding committee for the Union of Companies Operating in the Factoring Activity is hereby formed, chaired by Mr. Mohamed Gamal Mahran - President of the Egyptian Factoring Association, and comprising the following members:
- Mr. Naimy Saad - Managing Director of QNB Alahly Factoring Company.
- Mr. Ahmed Shaheen - Managing Director of the Egyptian Factoring Company.
- Mr. Ahmed Osama - Managing Director of Drive Factoring Company.
- Ms. Ghada Shams - International Factoring Manager at the Egyptian Factoring Company - Female Representative.
(Article Two) The Committee referred to in Article One of this Decision shall undertake the following tasks:
- Taking procedures for the admission of companies licensed by the Authority to conduct the factoring activity as members of the Union.
- Collecting the membership fees for the Union.
- Taking procedures to convene the first General Assembly of the Union to elect its Board of Directors within a period not exceeding six months from the date of issuance of this Decision, and reviewing the approval of the revenue and expenditure account and the auditor's report for this period.
- Taking the necessary procedures to activate the Union's activities and commence its operations.
(Article Three) The Committee shall, in undertaking the tasks stipulated in this Decision, comply with the provisions of the Authority's Board of Directors Decision No. 150 of 2019 regarding the Basic Statute of the Union of Companies Operating in the Factoring Activity.
(Article Four) The Committee shall convene upon invitation from its Chairman, and its meetings shall not be valid unless a majority of its members are present, and its decisions shall be issued by a majority of its members. The Committee shall also be obligated to present a comprehensive report on the procedures it undertook to activate the Union to the Union's General Assembly, as well as the expenses incurred by these procedures, at the Union's expense.
(Article Five) This Decision shall be enforced from the date of its issuance, and the competent departments within the Authority shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors General Authority for Financial Supervision Dr. Mohamed Omran