Regulatory Alerts2014-01-01
Decision of the Board of Directors of the Authority No. (160) of 2014
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. 160 of 2014 to formally establish the Board of Trustees for its Supervisory Unit overseeing microfinance activities of associations and civil society institutions. The decree appoints nine members, including representatives from the Central Bank of Egypt, the Ministry of Social Solidarity, and the Social Development Fund, while designating the EFSA Chairman as Board Chair and its Vice-Chairman as Vice-Chair. It further regulates trustee compensation by granting fixed per-session allowances, an annual bonus capped at EFSA board remuneration, and establishes a renewable two-year term for the board.
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