Chapter Ten

(1) Updating the classification of economic activities of banking system clients

In light of the importance of updating the classification of economic activities of banking system clients to align with the International Standard of Industrial Classification Of All Economic Activities (ISIC), and to ensure the accuracy of the data collected from the banking system clients, the following is decided:

The definitions of the terms used in this regulation:

Primary and secondary economic activities: The activities that the client engages in, which are classified into 6 main groups (Agriculture - Industry - Services - Construction - Real Estate - Other activities) according to the ISIC classification.
Updating the primary and secondary economic activities: The process of updating the client's primary and secondary economic activities based on the current reality of the client's activities.
Updating the classification during the validity period: The process of updating the client's classification during the validity period of the classification certificate issued by the bank, in case of a change in the client's primary or secondary economic activities.

The procedures for updating the primary and secondary economic activities:

The bank shall update the client's primary and secondary economic activities according to the ISIC classification, based on the information provided by the client.
The bank shall submit the updated primary and secondary economic activities of the client to the Central Bank of Egypt using Form No. (2).
The bank shall ensure the accuracy of the information provided by the client regarding the primary and secondary economic activities, and shall be responsible for the accuracy of the data submitted to the Central Bank of Egypt.

The Central Bank of Egypt has issued Circular No. 14 dated 14/06/2008 regarding the update of the classification of economic activities of banking system clients.

1
The bank shall submit the updated primary and secondary economic activities of the client to the Central Bank of Egypt using the following forms:
2 - Form No. (1): Client Economic Activity Description (File Text) - Description of the economic activities of banking system clients - Date: 1_080126 R _ RsK 2 - Form No. (2): Primary and Secondary Economic Activities - To be completed by the bank during the validity period of the classification certificate issued by the bank - Date: 14/06/2008.

The bank shall submit the updated primary and secondary economic activities of the client to the Central Bank of Egypt using Form No. (2) within the validity period of the classification certificate issued by the bank. The deadline for submitting the updated classification is 10/06/2008.

The bank shall submit the updated classification of the client's economic activities to the Central Bank of Egypt using Form No. (3): Validity of the new classification of the economic activities of banking system clients issued by the bank and its branches.

In case of any changes to the primary and secondary economic activities of the client, the bank shall update the classification and submit the updated classification to the Central Bank of Egypt using the following forms:

Using the forms provided by the Central Bank of Egypt, the bank shall update the classification and submit the updated classification to the Central Bank of Egypt using the following contact numbers: 27701763 - 16777 - 1731.1763
In case of any technical difficulties, the bank shall contact the Central Bank of Egypt using the following contact numbers: 27701770 - 16777.