Regulatory Alerts2018-01-01
FRA Board Decision No. 106 of 2018 on Registration, Renewal, and Deletion of Founders' Agents for Non-Banking Financial Companies
The Financial Regulatory Authority (FRA) issued Decision No. 106 of 2018 to establish a formal register and set strict conditions for the registration, renewal, and deletion of founders' agents representing companies in non-banking financial activities. The regulation mandates that agents meet specific formal, objective, and professional competence criteria, including Egyptian nationality, relevant academic qualifications, clean criminal records, and a three-year post-FRA employment cooling-off period. It further outlines a 60-day approval timeline, a three-year registration validity with a 10,000 EGP fee, bi-annual reporting obligations, and strict prohibitions against conflicts of interest, false data, or unauthorized control, with suspension or deletion enforced for non-compliance or legal convictions.