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Decision No. 652 dated 2019/12/11 on Forming a Founding Committee for the Election of the Board of Directors of the Union of Factoring Companies
The Financial Regulatory Authority of Egypt issued Decision No. 652 of 2019 to establish a five-member founding committee tasked with organizing the inaugural general assembly and electing the board of directors for the Union of Factoring Companies. The committee is mandated to admit licensed factoring firms as members, collect membership fees, and activate the union's operations within six months of the decision's issuance. Additionally, the committee must convene by majority quorum, pass decisions by majority vote, and submit a comprehensive report on its activation efforts and associated expenses to the union's general assembly.
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Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (652) dated 2019/12/11
On Forming a Founding Committee to Take Steps for the Election of the Board of Directors of the Union of Companies Operating in the Factoring Activity
Chairman of the Financial Regulatory Authority
Having reviewed Law No. 10 of 2009 concerning the regulation of supervision over non-banking financial markets and instruments;
And Law No. 176 of 2018 on Financial Leasing and Factoring;
And Presidential Decree No. 192 of 2009 issuing the Statute of the Financial Regulatory Authority;
And Authority Board of Directors Decision No. 150 of 2019 on the Statute of the Union of Companies Operating in the Factoring Activity;
IT IS HEREBY DECIDED
(Article One)
-
A founding committee for the Union of Companies Operating in the Factoring Activity is hereby formed, chaired by Mr. Mohamed Gamal Maharram - President of the Egyptian Factoring Association, and comprising the following members:
1- Mr. Naimi Saad - Managing Director of QNB Alahly Factoring Company.
2- Mr. Ahmed Shaheen - Managing Director of the Egyptian Factoring Company.
3- Mr. Ahmed Osama - Managing Director of Drive Factoring Company.
4- Ms. Ghada Shams - International Factoring Manager at the Egyptian Factoring Company - Female Representative.
(Article Two)
The Committee referred to in Article One of this Decision shall directly undertake the following tasks:
1- Taking steps to admit companies licensed by the Authority to conduct factoring activities as members of the Union.
2- Collecting membership fees for the Union.
(Article Three)
-
3- Taking steps to convene the first general assembly of the Union to elect its board of directors within a period not exceeding six months from the date of issuance of this Decision, and reviewing the approval of the revenue and expenditure accounts and the auditor's report for this period.
-
4- Taking the necessary steps to activate the Union's activities and commence its operations.
(Article Four)
The Committee shall convene upon invitation from its Chairman, and its meetings shall not be valid unless a majority of its members are present. Its decisions shall be issued by a majority of its members.
The Committee shall be committed to presenting a comprehensive report on the steps taken to activate the Union to the Union's General Assembly, as well as the expenses incurred by these steps, at the Union's expense.
(Article Five)
This Decision shall be enforced from the date of its issuance, and the competent departments within the Authority shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors
Financial Regulatory Authority
Dr. Mohamed Omran
Smart Village, Building 1136, Giza, Egypt
Postal Code: 110
Tel: +202 35345350 - Fax: +202 35370066
WWW.FRA.GOV.EG
Building Bridges not Walls
We Build Bridges, Not Walls
ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision No. (652) dated 2019/12/11
On Forming a Founding Committee to Take Steps for the Election of the Board of Directors of the Union of Companies Operating in the Factoring Activity
Chairman of the Financial Regulatory Authority
Having reviewed Law No. 10 of 2009 concerning the regulation of supervision over non-banking financial markets and instruments;
And Law No. 176 of 2018 on Financial Leasing and Factoring;
And Presidential Decree No. 192 of 2009 issuing the Statute of the Financial Regulatory Authority;
And Authority Board of Directors Decision No. 150 of 2019 on the Statute of the Union of Companies Operating in the Factoring Activity;
IT IS HEREBY DECIDED
(Article One)
-
A founding committee for the Union of Companies Operating in the Factoring Activity is hereby formed, chaired by Mr. Mohamed Gamal Maharram - President of the Egyptian Factoring Association, and comprising the following members:
1- Mr. Naimi Saad - Managing Director of QNB Alahly Factoring Company.
2- Mr. Ahmed Shaheen - Managing Director of the Egyptian Factoring Company.
3- Mr. Ahmed Osama - Managing Director of Drive Factoring Company.
4- Ms. Ghada Shams - International Factoring Manager at the Egyptian Factoring Company - Female Representative.
(Article Two)
The Committee referred to in Article One of this Decision shall directly undertake the following tasks:
1- Taking steps to admit companies licensed by the Authority to conduct factoring activities as members of the Union.
2- Collecting membership fees for the Union.
(Article Three)
-
3- Taking steps to convene the first general assembly of the Union to elect its board of directors within a period not exceeding six months from the date of issuance of this Decision, and reviewing the approval of the revenue and expenditure accounts and the auditor's report for this period.
-
4- Taking the necessary steps to activate the Union's activities and commence its operations.
(Article Four)
The Committee shall convene upon invitation from its Chairman, and its meetings shall not be valid unless a majority of its members are present. Its decisions shall be issued by a majority of its members.
The Committee shall be committed to presenting a comprehensive report on the steps taken to activate the Union to the Union's General Assembly, as well as the expenses incurred by these steps, at the Union's expense.
(Article Five)
This Decision shall be enforced from the date of its issuance, and the competent departments within the Authority shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors
Financial Regulatory Authority
Dr. Mohamed Omran
Smart Village, Building 1136, Giza, Egypt
Postal Code: 110
Tel: +202 35345350 - Fax: +202 35370066
WWW.FRA.GOV.EG
Building Bridges not Walls
We Build Bridges, Not Walls
ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY
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Source: Financial Regulatory Authority Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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