Board of Trustees Decision No. (1) of 2021 Amending Decisions No. (1) of 2015 and No. (4) of 2020 Regarding Licensing Conditions for Associations and NGOs in Microfinance and SME Financing

Microfinance Supervision Unit for Associations and NGOs Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

Board of Trustees Decision No. (1) of 2021 dated 16/12/2021

Amending Board of Trustees Decisions No. (1) of 2015 regarding the conditions and requirements for licensing associations and NGOs to conduct microfinance activities, and No. (4) of 2020 regarding the conditions to be met by associations and NGOs licensed to conduct microfinance activities in order to obtain a license for medium, small, and micro enterprise financing.

The Board of Trustees of the Microfinance Supervision Unit Having reviewed the Anti-Money Laundering Law issued by Law No. (80) of 2002 and its executive regulations; Having reviewed Law No. (10) of 2009 regulating the supervision of non-banking financial markets and instruments; Having reviewed Law No. (141) of 2014 regulating the activity of medium, small, and micro enterprise financing; Having reviewed the Law Regulating the Practice of Civil Work issued by Law No. (149) of 2019 and its executive regulations; Having reviewed Board of Trustees Decision No. (1) of 2015 regarding the conditions and requirements for licensing associations and NGOs to conduct microfinance activities; Having reviewed Board of Trustees Decision No. (4) of 2020 regarding the conditions to be met by associations and NGOs licensed to conduct microfinance activities in order to obtain a license for medium, small, and micro enterprise financing; And after the approval of the Board of Trustees of the Microfinance Supervision Unit on 16/12/2021;

DECIDED
(Article One)
A new item numbered (3) is added to Article Two of the aforementioned Board of Trustees Decision No. (1) of 2015, with the following text:

(Article Two - Item "3"):
The following general conditions must be met by associations and NGOs to obtain a license for conducting microfinance activities:
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3- None of the members of the association's board of directors, the NGO's board of trustees, or the executive director responsible for the financing activity in the association or NGO shall be listed on local or international sanctions lists.

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Microfinance Supervision Unit for Associations and NGOs Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY

(Article Two)
A new item numbered (13) is added to Article One of the aforementioned Board of Trustees Decision No. (4) of 2020, with the following text:

(Article One - Item "13"):
Associations and NGOs licensed to conduct microfinance activities wishing to obtain a license for conducting medium, small, and micro enterprise financing must fulfill the following conditions:
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13- None of the members of the association's board of directors, the NGO's board of trustees, or the executive director responsible for the financing activity in the association or NGO shall be listed on local or international sanctions lists.

(Article Three)
This Decision shall be published in Al-Waqai' Al-Masriyya (Egyptian Official Gazette) and on the Authority's website, and shall be effective from the day following its publication in Al-Waqai' Al-Masriyya.

Chairman of the Financial Regulatory Authority and Chairman of the Board of Trustees Dr. Mohamed Omran

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