Board of Directors Resolution No. 93 of 2023

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

General Authority for Financial Supervision
Board of Directors Resolution No. 93 of 2023
Dated April 12, 2023
Amending Board of Directors Resolution No. 164 of 2020 Regarding the rules and procedures for licensing companies wishing to conduct medium and small enterprise financing activities, and companies wishing to conduct both medium and small enterprise financing and micro-enterprise financing activities.

The Board of Directors of the General Authority for Financial Supervision, Having reviewed Law No. 10 of 2009 concerning the regulation of supervision over markets and non-banking financial instruments; And Law No. 141 of 2014 concerning the regulation of medium, small, and micro-enterprise financing activities; And Board of Directors Resolution No. 164 of 2020 regarding the rules and procedures for licensing companies wishing to conduct medium and small enterprise financing activities, and companies wishing to conduct both medium and small enterprise financing and micro-enterprise financing activities; And after the approval of the Board of Directors in its meeting held on April 12, 2023; Has decided:

(Article One)
The text of Clause (1) of Article Three of the aforementioned Board of Directors Resolution No. (164) of 2020 is replaced with the following:
"(Article Three – Clause '1'):

• 1. The paid-up capital of the issuing 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 conducting medium and small enterprise financing activities shall align their status in accordance with the provisions of this Resolution within a period not exceeding one year from its implementation date. The Board of Directors may extend this deadline by up to two years, based on justified reasons submitted by the company.

(Article Three)
This Resolution shall be published in the Egyptian Gazette and on the Authority’s official 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 Farid Saleh

Board of Directors Resolution No. (164) of 2020, dated October 28, 2020, regarding the rules and procedures for licensing companies wishing to conduct medium and small enterprise financing activities, and companies wishing to conduct both medium and small enterprise financing and micro-enterprise financing activities.

1. Amended by the latest amendment dated April 12, 2023.
   Board of Directors of the General Authority for Financial Supervision.

2. The Resolution was amended by Board of Directors Resolution No. (93) dated April 12, 2023.

: Companies wishing to conduct medium and small enterprise financing activities (First Category).
(Article One)
(Article Two)

(Article Three).
2. Clause (1) was replaced by Board of Directors Resolution No. (93) dated April 12, 2023, and licensed companies conducting medium and small enterprise financing shall align their status in accordance with this Resolution within a period not exceeding one year from its implementation date, and the Board of Directors may extend this deadline by up to two years based on justified reasons submitted by the companies.

(Article Four)

: Companies wishing to conduct both medium and small enterprise financing and micro-enterprise financing activities (Second Category).
(Article Five)

: Companies holding a license to conduct either of the activities (medium and small enterprise financing or micro-enterprise financing) and wishing to obtain a license for the other activity (Third Category). (Article Six)

(Article Seven)

: General Provisions (Fourth Category).
(Article Eight)
(Article Nine)

(Article Ten)