Board of Directors Resolution No. (91) for the Year 2023

Egyptian Gazette – No. 91, Part (A) dated April 19, 2023

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Financial Regulatory Authority
Board of Directors Resolution No. 91 for the Year 2023 dated April 12, 2023 Amending Board of Directors Resolution No. 137 for the Year 2018 Regarding the Conditions for Granting and Maintaining Licenses to Financial Leasing and Factoring Companies Board of Directors of the Financial Regulatory Authority Having reviewed Law No. 10 of 2009 regarding the regulation of non-banking financial markets and instruments; Having reviewed Law No. 176 of 2018 organizing the activity of financial leasing and factoring; Having reviewed Board of Directors Resolution No. 137 of 2018 regarding the conditions for granting and maintaining licenses to financial leasing and factoring companies; And after approval by the Board of Directors in its session held on April 12, 2023; Has decided:

(Article One)
The text of Item (2) of Article Four of the aforementioned Board of Directors Resolution No. (137) for 2018 is replaced with the following:
(Article Four – Item "2"):

• 2. The issued and paid-up capital of the company shall not be less than seventy-five million Egyptian pounds in cash, or its equivalent in foreign currencies at the exchange rate issued by the Central Bank of Egypt.

(Article Two)
Licensed companies operating in financial leasing or factoring activities are required to align their status with the provisions of this Resolution within a period not exceeding one year from its effective date, and the Board of Directors may extend this deadline by up to two years based on valid justifications submitted by the company.

(Article Three)
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 of Directors
Financial Regulatory Authority
Dr. Mohamed Fared Saleh