Board of Directors Decision No. 38 of 2020

Egyptian Financial Regulatory Authority
Board of Directors Decision No. 38 of 2020
Dated 2/3/2020

Amending the Board of Directors Decision No. 111 of 2015 Regarding the Rules and Standards for Practicing the Real Estate Financing Activity and the Board of Directors Decision No. 7 of 2019 Regarding the Rules and Regulations Governing the Operations of Companies Licensed to Conduct the Financial Leasing and Factoring Activity

The Board of Directors of the Egyptian Financial Regulatory Authority Having reviewed the Real Estate Financing Law issued by Law No. 148 of 2001 and its executive direction; and the Central Bank, Banking and Financial Institutions Law issued by Law No. 88 of 2003 and its executive direction; and Law No. 10 of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; and the Financial Leasing and Factoring Activity Regulation Law issued by Law No. 176 of 2018; and Presidential Decision No. 193 of 2009 Issuing the Basic Statute of the Egyptian Financial Regulatory Authority; and the Board of Directors Decision No. 111 of 2015 Regarding the Rules and Standards for Practicing the Real Estate Financing Activity; and the Board of Directors Decision No. 7 of 2019 Regarding the Rules and Regulations Governing the Operations of Companies Licensed to Conduct the Financial Leasing and Factoring Activity; and the approval of the Board of Directors at its meeting held on 2/3/2020;

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Decision

(Article One)
A new article numbered "Article 14 bis" is added to the Board of Directors Decision No. 111 of 2015 Regarding the Rules and Standards for Practicing the Real Estate Financing Activity, with the following text:

(Article 14 bis)
The Authority is empowered to take one or more of the measures stipulated in the Real Estate Financing Law, in the event that companies licensed to conduct the real estate financing activity violate the provisions related to this activity and stipulated in the Central Bank, Banking and Financial Institutions Law, in the event that the violation is established by the Authority or the Central Bank of Egypt.

(Article Two)
A new article numbered "Article 13 bis" is added to the Board of Directors Decision No. 7 of 2019 Regarding the Rules and Regulations Governing the Operations of Companies Licensed to Conduct the Financial Leasing and Factoring Activity; with the following text:

(Article 13 bis)
The Authority is empowered to take one or more of the measures stipulated in the Financial Leasing and Factoring Activity Regulation Law, in the event that companies licensed to conduct the financial leasing activity violate the provisions related to this activity and stipulated in the Central Bank, Banking and Financial Institutions Law, in the event that the violation is established by the Authority or the Central Bank of Egypt.

(Article Three)
This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall be enforced from the day following its publication in the Egyptian Gazette.

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