Head of the Authority

Decision of the Authority's Board of Directors No. (6) of 2019 dated 2019/1/20

Regarding the Extension of the Deadline for Financial Leasing and Factoring Companies to Regularize Their Status

Board of Directors 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 regulating the activities of financial leasing and factoring; and Presidential Decree No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority; and Decision of the Authority's Board of Directors No. (137) of 2018 concerning the conditions for granting and renewing licenses to financial leasing and factoring companies; and the approval of the Authority's Board of Directors in its meeting held on 2019/1/20;

Decided

(Article One)

The deadline granted to the financial leasing and factoring companies referred to in Article Three of the aforementioned Law No. (176) of 2018 regulating the activities of financial leasing and factoring is hereby extended for an additional six months, effective from 2019/2/14, for the purpose of regularizing their status.

(Article Two)

Subject to Article One of this Decision, financial leasing and factoring companies are required to obtain the Authority's approval by no later than 2019/3/31 regarding their intention to regularize their status in accordance with the aforementioned Law regulating financial leasing and factoring activities and the decisions issued by the Authority's Board of Directors on this matter. Should they express the intention to regularize their status, they must submit to the Authority, by the deadline specified in this Article, a program accompanied by a timeline detailing the measures they have taken and will implement to regularize their status.

(Article Three)

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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Head of the Authority's Board of Directors Dr. Mohamed Omran

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Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

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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 B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35370036 - Fax: +202 35345350 info@fra.gov.eg