Regulatory Alerts2019-01-01
Decision No. 652 dated 2019/12/11 on Forming a Founding Committee for the Election of the Board of Directors of the Union of Factoring Companies
The Financial Regulatory Authority of Egypt issued Decision No. 652 of 2019 to establish a five-member founding committee tasked with organizing the inaugural general assembly and electing the board of directors for the Union of Factoring Companies. The committee is mandated to admit licensed factoring firms as members, collect membership fees, and activate the union's operations within six months of the decision's issuance. Additionally, the committee must convene by majority quorum, pass decisions by majority vote, and submit a comprehensive report on its activation efforts and associated expenses to the union's general assembly.
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