Regulatory Alerts2023-11-23 | CBE4.3Added · Updated
CBE Regulation Book 4.3 - Rules Regulating Credit Rating Companies
The Central Bank of Egypt establishes the regulatory framework for Credit Rating and Information Companies, mandating a minimum paid-up capital of 200 million EGP and requiring a corporate form of Egyptian joint stock company. The regulation defines licensing procedures, including initial and final approval timelines of 90 days, and outlines governance requirements such as a board composition with at least two female members, independent directors, and specific committees for audit, risk, and remuneration. It further regulates data handling, credit reporting standards, and procedures for license revocation, suspension, or voluntary liquidation.
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