Board of Trustees Decision No. (1) of 2015

Dated 25/5/2015

Regarding the alignment and procedures for the final license to conduct microfinance activities for associations and civil society institutions in accordance with the provisions of Law No. (141) of 2014

Board of Trustees of the Microfinance Activity Supervision Unit for Associations and Civil Society Institutions

Having reviewed the Law Regulating the Supervision of Non-Banking Financial Markets and Instruments, issued under Law No. (10) of 2009;

and Law No. (11) of 2014 on regulating microfinance activities;

and Financial Regulatory Authority (FRA) Board of Directors Decision No. (158) of 2014 regarding the determination of microfinance sectors and values;

and FRA Board of Directors Decision No. (159) of 2014 regarding the statutes of the Microfinance Activity Supervision Unit for Associations and Civil Society Institutions;

and FRA Board of Directors Decision No. (161) of 2014 regarding the conditions for registration, continuation of registration, and removal from the register of auditors for microfinance companies and licensed associations and civil society institutions conducting this activity with the Authority;

and FRA Board of Directors Decision No. (171) of 2014 regarding service fees for entities operating in microfinance activities, amended by FRA Board of Directors Decision No. (32) of 2015;

and FRA Board of Directors Decision No. (31) of 2015 regarding the rules and standards for conducting microfinance activities by associations and civil society institutions;

and Trustees Decision No. (1) of 2014 regarding the conditions, rules, and procedures for regularizing the status of associations and civil society institutions conducting microfinance activities prior to the implementation of Law No. (141) of 2014;

and Trustees Decision No. (1) of 2015 regarding the conditions and licensing requirements for associations and civil society institutions to conduct microfinance activities in accordance with Law No. (141) of 2014;

and the approval of the Board of Trustees of the Microfinance Activity Supervision Unit for Associations and Civil Society Institutions at its meeting held on 25/5/2015;

Decided:

(Article One)

Associations and civil society institutions holding a temporary license pursuant to Trustees Decision No. (1) of 2014 shall continue to conduct microfinance activities, provided they submit an application for the "Final" license on the form prepared by the Unit within a period not exceeding July 31, 2015, in accordance with the requirements stipulated in Trustees Decision No. (1) of 2015.

The provisions of the preceding paragraph shall also apply to associations and civil society institutions that submitted applications for a temporary license up to May 13, 2015.

(Article Two)

The Unit shall review the license applications referred to in the preceding article, obtain the necessary clearances, and issue licenses to compliant applications within a period not exceeding September 30, 2015.

Upon the expiration of the period mentioned in the preceding paragraph, no association or civil society institution shall be permitted to conduct microfinance activities unless it holds a license to conduct such activities in accordance with the requirements set forth in Trustees Decision No. (1) of 2015.

(Article Three)

This Decision shall be published in the Egyptian Gazette and on the official website of the Financial Regulatory Authority, and shall take effect as of the day following its issuance date.

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Chairman of the Financial Regulatory Authority and Chairman of the Board of Trustees Sherif Samy

[Seal of the Financial Regulatory Authority]
[Seal of the General Administration of Financial Supervision] [Seal of the Microfinance Activity Supervision Unit for Associations and Civil Society Institutions]