Chairman of the Authority Decision No. 55 of 2019 Regulating the Work of Appeal Committees under Supervised Laws

Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Chairman of the Authority Decision No. (55) of 2019 dated 16/1/2019 regarding the regulation of the work of appeal committees established in accordance with the provisions of the laws subject to the Authority's supervision (Insurance, Capital Market, Real Estate Financing, Microfinance, Financial Leasing and Factoring)

Chairman of the Financial Regulatory Authority Having reviewed Law No. (10) of 1981 concerning supervision and oversight of insurance in Egypt and its executive regulations; Having reviewed Law No. (95) of 1992 concerning the Capital Market Law and its executive regulations; Having reviewed Law No. (93) of 2000 issuing the Central Deposit and Registration Law for Securities and its executive regulations; Having reviewed Law No. (148) of 2001, amended by Law No. (55) of 2014 concerning real estate financing and its executive regulations; Having reviewed Law No. (10) of 2009 regulating supervision on non-banking markets and financial instruments; Having reviewed Law No. (141) of 2014 regulating microfinance activities; Having reviewed Law No. (176) of 2018 issuing the law regulating financial leasing and factoring activities; Having reviewed Presidential Decision No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority; Having reviewed Prime Minister's Decision No. (2478) of 2018 concerning the formation of appeal committees to review appeals against administrative decisions issued pursuant to the Capital Market Law of 1992 and its executive regulations; Having reviewed Prime Minister's Decision No. (2495) of 2018 concerning the formation of an appeal committee to review appeals against administrative decisions issued pursuant to the Real Estate Financing Law of 2001 and its executive regulations; Having reviewed Prime Minister's Decision No. (2805) of 2018 concerning appeal procedures against decisions issued pursuant to the law regulating financial leasing and factoring activities; Having reviewed Chairman of the Authority Decision No. (712) of 2018 issued regarding the regulation of the work of appeal committees at the Authority.

Decided:

(Article One) The committees formed in accordance with the provisions of the aforementioned laws shall examine and review appeals submitted by interested parties against administrative decisions issued in implementation of the provisions of these laws, their regulations, and decisions issued in implementation thereof.

(Article Two) The appeal committees shall hold their sessions at the headquarters of the Financial Regulatory Authority in the Smart Village, according to the following schedule: First: Capital Market Appeal Committees:

1. The First Committee: holds its sessions every Sunday.
2. The Second Committee: holds its sessions every Monday.
3. The Third Committee: holds its sessions every Tuesday.
4. The Fourth Committee: holds its sessions every Wednesday.

Smart Village, Building 136 - B, Giza, Egypt Postal Code: 12577 Telephone: (00202) 35345350 - Fax: (00202) 35370036 www.FRA.gov.eg

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Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Second: Real Estate Financing Appeal Committee: holds its sessions every Sunday. Third: Microfinance Appeal Committee: holds its sessions every Monday. Fourth: Financial Leasing Appeal Committee: holds its sessions every Tuesday. Fifth: Insurance Brokers Appeal Committee: holds its sessions every Wednesday. The committee may also convene upon the chairman's invitation whenever necessary. A committee session is only valid if a majority of its members are present, including its chairman, and its decisions shall be issued by majority vote.

(Article Three) Appeals from interested parties shall be submitted to the General Administration for Dispute Resolution and Appeals at the Authority within the legally stipulated timeframe, in one original and six copies. The appeal must contain the following information:

1. The appellant's first and last name, address, profession, contact methods, and approved notification channels.
2. The date of issuance of the contested decision and the date of notification or knowledge thereof by the appellant.
3. The subject matter of the appeal and the grounds on which it is based.
4. The receipt proving payment of the appeal fee. Supporting documents must be attached to the appeal.

(Article Four) The General Administration for Dispute Resolution at the Authority shall receive appeals and register them in the designated register on the day, date, and time of receipt. The interested party shall receive a copy of the appeal stamped with the registration number and date. The aforementioned administration shall undertake the following:

1. Preparing a file for the appeal and presenting it to the committee chairman within a maximum of three working days from the registration date to schedule a session for its review according to the committee's schedule.
2. Notifying the interested party of the appeal review session at least five days prior to its date, allowing them to attend in person or through their legal representative, via official notification channels or those approved by the appellant.
3. Carrying out all administrative tasks related to the committee's work, including preparing the designated venue for the appeal review and providing necessary tools and supplies for the committee's operations.
4. Assigning one of the administration's members to act as the committee's secretary.
5. Notifying interested parties of an authenticated copy of the committee's decision on the appeal and its grounds via registered mail with acknowledgment of receipt within seven days of the decision's issuance, or through channels approved by the appellant.
6. Monitoring the implementation of decisions issued by the appeal committees with the relevant departments at the Authority and with the authorities responsible for their execution.

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Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

7. Extracting legal principles contained in decisions issued by the appeal committees and working to publish and distribute them to the relevant departments at the Authority concerning appeal matters.

(Article Five) The appeal committee may, in the course of ruling on an appeal, contact interested parties, relevant departments at the Authority, and other entities related to the appeal subject matter. It may request them to provide clarifications, inquiries, and documents deemed necessary for ruling on the appeal, and these entities must submit requested documents immediately upon request. The committee may also summon the interested party or their legal representative, along with a representative from the Authority or the competent administrative authority, to meet, discuss, hear the parties, and present viewpoints. The committee may also seek assistance from individuals with relevant expertise and specializations within the Authority or other administrative bodies, without their votes counting in deliberations.

(Article Six) The committee shall rule on appeals submitted to it within the timeframes stipulated in the aforementioned laws and their executive regulations. Any amounts paid by the appellant for the appeal account shall be refunded in case the appeal is accepted and the contested decision is annulled, subject to a 10% administrative fee deduction, and in accordance with what those laws and their executive regulations stipulate in this regard.

(Article Seven) An electronic appeals system shall be established within the General Administration for Appeals and linked to the Authority's website to facilitate the registration and review of appeals. This system shall include details of the appeal date, appellant's name and title, appeal subject, contested decision, relevant committee number, appeal review session date and adjournments, decision issued on the appeal and its date, date of notification to relevant authorities of the decision, and the means by which such notification is confirmed.

(Article Eight) Chairman of the Authority Decision No. (712) of 2018 issued regarding the regulation of the work of appeal committees for 2018 is hereby repealed.

(Article Nine) This decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

Chairman of the Board of Directors of the Financial Regulatory Authority Dr. Mohamed Omran

Smart Village, Building 136 - B, Giza, Egypt Postal Code: 12577 Telephone: (00202) 35345350 - Fax: (00202) 35370036 www.FRA.gov.eg