Chairman of the Authority

Decision of the Chairman of the Authority No. (2) for the Year 2019 dated 6/1/2019

Regarding the Organization of Work Alongside the Regulatory Committees

Established According to the Provisions of Laws Specific to the Authority's Supervision

(Insurance, Capital Market, Real Estate Financing, Microfinance, Financial Leasing, and Factoring)

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Chairman of the General Authority for Financial Supervision

After reviewing Law No. (10) of 1981 regarding supervision and control of insurance in Egypt and its executive regulations; And Law No. (95) of 1992 regarding the Capital Market Law and its executive regulations; And Law No. (93) of 2000 issuing the Central Depository and Registration Law for Securities and its executive regulations; And Law No. (148) of 2001, amended by Law No. (55) of 2014 regarding real estate financing and its executive regulations; And Law No. (10) of 2009 regarding the regulation of supervision on non-banking markets and financial instruments; And Law No. (141) of 2014 regarding the regulation of microfinance activities; And Law No. (176) of 2018 issuing the law regulating financial leasing and factoring activities; And Presidential Decision No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; And Prime Ministerial Decision No. (2478) of 2018 regarding the formation of regulatory committees to review appeals against administrative decisions issued under the Capital Market Law No. (95) of 1992 and its executive regulations; And Prime Ministerial Decision No. (2495) of 2018 regarding the formation of the regulatory committee to review appeals against administrative decisions issued under the Real Estate Financing Law No. (148) of 2001 and its executive regulations; And Prime Ministerial Decision No. (2805) of 2018 regarding procedures for appeals against decisions issued under the law regulating financial leasing and factoring activities; And Authority Chairman's Decision No. (712) of 2018 issued regarding the organization of work alongside the regulatory committees at the Authority.

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PREAMBLE

(Article One)

The committees formed in accordance with the provisions of the aforementioned laws shall undertake the review and consideration of appeals submitted by interested parties against administrative decisions issued in implementation of these laws, their executive regulations, and decisions issued thereunder.

(Article Two)

The regulatory committees shall hold their sessions at the headquarters of the General Authority for Financial Supervision in Smart Village and according to the following schedule:

First: Capital Market Regulatory Committees

1. The First Committee: Holds its sessions every Sunday.
2. The Second Committee: Holds its sessions every Monday.
3. The Third Committee: Holds its sessions every Tuesday.
4. The Fourth Committee: Holds its sessions every Wednesday.

Second: Real Estate Financing Regulatory Committee

Holds its sessions every Sunday.

Third: Microfinance Regulatory Committee

Holds its sessions every Monday.

Fourth: Financial Leasing Regulatory Committee

Holds its sessions every Tuesday.

Fifth: Insurance System Regulatory Committee

Holds its sessions every Wednesday.

The committee may also convene upon the invitation of its Chairman whenever necessary. A committee session is only valid if attended by a majority of its members, including its Chairman, and its decisions shall be issued by majority vote.

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(Article Three)

Appeals from interested parties shall be submitted to the General Administration for Dispute Resolution and Regulation at the Authority within the legally stipulated timeframe, consisting of one original and six copies. The appeal must include the following information:

1. The appellant's first and last name, address, profession, contact methods, and approved notification channels.
2. The date of issuance of the appealed decision and the date of notification or knowledge thereof by the appellant.
3. The subject of the appeal and the grounds on which it is based.
4. The receipt proving payment of the appeal fee.
   Supporting documents must be attached to the appeal.

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(Article Four)

The General Administration for Dispute Resolution at the Authority shall receive appeals and register them in the designated log with the day, date, and time of receipt. The appellant shall receive a copy of the appeal stamped with the registration number and date. The aforementioned Administration shall undertake the following:

1. Prepare a file for the appeal and present it to the Committee Chairman within a maximum of three working days from the registration date to schedule a hearing session according to the committee's schedule.
2. Notify the appellant of the hearing session at least five days prior to its date, allowing them to attend in person or through a representative via official notification channels or methods approved by the appellant.
3. Perform all administrative tasks related to the committee, including preparing and setting up the designated hearing venue and providing necessary tools and supplies for the committee's work.
4. Assign one of the administration's staff members to serve as the committee's rapporteur.
5. Notify interested parties of a certified copy of the committee's decision on the appeal and its grounds via registered mail with acknowledgment of receipt within seven days of the decision's issuance, or through methods approved by the appellant.
6. Follow up on the implementation of decisions issued by the regulatory committees with the relevant departments at the Authority and with the authorities responsible for their execution.

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(Article Five)

Extracting the legal principles contained in decisions issued by the regulatory committees and working on publishing and distributing them to the various relevant departments concerning regulatory matters.

(Article Six)

The regulatory committee, in order to adjudicate the appeal, may contact interested parties, relevant departments at the Authority, and other entities related to the appeal's subject matter. It may request them to provide clarifications, inquiries, and documents deemed necessary for adjudication. These entities must submit requested documents immediately upon request. The committee may also summon the appellant or their legal representative, along with a representative from the Authority or the competent administrative authority, to meet, discuss, question the parties, and present viewpoints.

The committee may also enlist the assistance of individuals with relevant expertise and specializations from within the Authority or other administrative bodies, without their votes counting in deliberations.

(Article Seven)

The committee shall adjudicate appeals submitted to it within the timeframes stipulated in the aforementioned laws and their executive regulations.

The amount paid by the appellant for the appeal shall be refunded to them in case the appeal is accepted and the appealed decision is annulled, subject to a 10% deduction for administrative expenses, and in accordance with what those laws and their executive regulations stipulate in this regard.

(Article Eight)

An electronic regulatory system shall be established within the General Administration for Regulation, operating through the Authority's electronic portal, to facilitate the registration and review of appeals. This system shall include details such as the appeal date, appellant's name and title, appeal subject, appealed decision, the committee number responsible for hearing the appeal, the hearing date and its postponements, decisions issued on the appeal and their dates, and the date of notification to relevant authorities regarding the decision and the regulations confirming it.

(Article Nine)

Decision of the Authority Chairman No. (712) of 2018 issued regarding the organization of work alongside the regulatory committees for the year 2018 is hereby repealed.

(Article Ten)

This decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.

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Chairman of the Board of Directors of the General Authority for Financial Supervision

Dr. Mohamed Omran

46076

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Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg

Smart Village, Building 136 - B, Giza, Egypt
Postal Code: 12577
Telephone: +20 2 35345350 - Fax: +20 2 35370036 info@fra.gov.eg