Board of Trustees Decision No. (4) of 2015

Dated 30/9/2015

Regarding the amendment of Board of Trustees Decision No. (7) of 2015

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

Having reviewed the Law regulating the supervision of non-banking financial markets and instruments, issued under Law No. (10) of 2009;

and the Law No. (141) of 2014 regulating the microfinance activity;

and the General Authority for Financial Supervision (GAFS) Board Decision No. (158) of 2014 regarding the determination of microfinance sectors and values;

and the GAFS Board of Directors Decision No. (159) of 2014 regarding the Statutes of the Supervision Unit for the Microfinance Activity of Associations and Civil Society Organizations;

and the GAFS Board of Directors Decision No. (31) of 2015 regarding the rules and standards for conducting the microfinance activity of associations and civil society organizations;

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

and the Board of Trustees Decision No. (1) of 2015 regarding the conditions and requirements for licensing associations and civil society organizations to conduct microfinance activity;

and the Board of Trustees Decision No. (2) of 2015 regarding the deadlines and procedures for final licensing to conduct microfinance activity for associations and civil society organizations;

and the Board of Trustees Decision No. (3) of 2015 regarding the end of the specified period for associations and civil society organizations holding a temporary microfinance license to apply for a final license;

and the approval of the Board of Trustees of the Supervision Unit for the Microfinance Activity of Associations and Civil Society Organizations dated 30/9/2015;

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Decided:

(Article One)

The first paragraph of Article Two of Board of Trustees Decision No. (2) of 2015 is amended to read as follows:

"The Unit shall review the licensing applications referred to in the preceding article, obtain the necessary compliances, and issue licenses to compliant applications within a period not exceeding November 15, 2015."

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the website of the General Authority for Financial Supervision, and shall take effect from the day following its issuance date.

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Chairman of the General Authority for Financial Supervision Chairman of the Board of Trustees Sherif Samy

[Official Seal of the General Authority for Financial Supervision]