Regulatory Alerts2018-01-01
Board of Directors Decision No. (164) of 2018
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. (164) of 2018 mandating that licensed leasing and factoring companies comply with specific corporate governance rules as a condition for license renewal. The decision requires these companies to establish independent audit, risk, and governance committees with defined mandates, implement cumulative voting for board elections, and enforce strict internal controls, conflict-of-interest disclosures, and transparent financial reporting timelines. Compliance with these executive governance rules must be achieved within six months of the decision's effective date, with ongoing adherence monitored through mandatory periodic submissions to the FRA.
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