Regulatory Alerts2023-03-16
Added · Updated
Circular Letter No. 2 of 2023 Amending Circular Letter No. 2 of 2023 Regarding Creditors' Reporting to the Central Bank of Egypt and Credit Reporting Agencies
The Financial Regulatory Authority mandates that private debt collection agencies handling securitized financing portfolios must continue reporting customer debt balances to the Central Bank of Egypt and credit reporting agencies immediately upon the execution and effectiveness of the assignment. This reporting obligation applies to the securitized portfolio and any subsequent credit receivables until full repayment or contract expiration, with the specific requirement that these debts be identified as securitized and excluded from the collector's own credit portfolio. This measure ensures compliance with Article 113 of Central Bank Law No. 194 of 2020 by maintaining accurate credit data across the financial and non-financial sectors.
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