Regulatory Alerts2022-01-01
General Authority for Financial Supervision Board of Directors Resolution No. (161) of 2022
The General Authority for Financial Supervision issued Resolution No. 161 of 2022 to amend four prior Board resolutions governing financial solvency standards for licensed real estate financing, financial leasing, factoring, and consumer financing companies. The resolution mandates that these licensed entities must maintain their prescribed financial solvency ratios "at all times," as specified in Article 1 of the attached standards. This amendment takes effect from the day following its publication in The Egyptian Gazette and on the Authority's official website.
The Egyptian Gazette – No. 268 Continued (B) on December 1, 2022
Decisions of the General Authority for Financial Supervision Resolution No. 161 of 2022 of the Board of Directors of the Authority dated 16/11/2022 Amending Board of Directors Resolutions Nos. 191 and 192 of 2018 and Nos. 101 and 158 of 2020 Issued regarding the financial solvency standards for licensed companies conducting real estate financing, financial leasing, factoring, and consumer financing activities.
The Board of Directors of the General Authority for Financial Supervision, Having reviewed Law No. 148 of 2001 on Real Estate Financing and its Executive Regulations; And Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; And Law No. 176 of 2018 on Regulating Financial Leasing and Factoring Activities; And Law No. 18 of 2020 on Regulating Consumer Financing Activities; And Board Resolution No. 191 of 2018 regarding the financial solvency standards for companies licensed to conduct financial leasing activities; And Board Resolution No. 192 of 2018 regarding the financial solvency standards for companies licensed to conduct factoring activities; And Board Resolution No. 101 of 2020 regarding the financial solvency standards for companies operating in consumer financing activities; And Board Resolution No. 158 of 2020 regarding the financial solvency standards for companies licensed to conduct real estate financing activities; And upon approval by the Board of Directors in its meeting held on 16/11/2022; Has resolved:
(Article 1) The phrase "at all times" is added to the obligation of licensed companies conducting financial leasing, factoring, consumer financing, and real estate financing activities to maintain the financial solvency ratios as prescribed in Article (1) of the financial solvency standards attached to the aforementioned Board resolutions.
(Article 2) This Resolution shall be published in The Egyptian Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in The Egyptian Gazette.
Chairman of the Board General Authority for Financial Supervision Dr. Mohamed Fared Saleh