Decision of the Board of Directors of the Financial Regulatory Authority

No. (124) of 2019 dated 16/9/2019
Amending Decision of the Board of Directors of the Authority No. (53) of 2018

Regarding the Conditions for Granting and Renewing Licenses and Rules for Share Ownership of Companies Operating in Non-Banking Financial Activities

Board of Directors of the Financial Regulatory Authority

Having reviewed Law No. (54) of 1975 issuing the Law on Private Insurance Funds and its Executive Regulations; and Law No. (10) of 1981 concerning supervision and control of insurance in Egypt and its Executive Regulations; and Law No. (159) of 1981 concerning Joint Stock Companies, Limited Partnerships by Shares, Limited Liability Companies, and Single-Member Companies and its Executive Regulations; and Law No. (95) of 1992 issuing the Capital Market Law and its Executive Regulations; and Law No. (93) of 2000 issuing the Central Depository and Registration of Securities Law and its Executive Regulations; and Law No. (148) of 2001 issuing the Real Estate Financing Law and its Executive Regulations; and Law No. (80) of 2002 issuing the Anti-Money Laundering Law and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Law No. (141) of 2014 regulating microfinance activities; and Law No. (176) of 2018 regulating leasing and factoring activities; and Presidential Decision No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority; and Decision of the Board of Directors of the Authority No. (53) of 2018 regarding the conditions for granting and renewing licenses and rules for share ownership of companies operating in non-banking financial activities; and the approval of the Board of Directors at its meeting held on 16/9/2019;

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Decided

(Article One)

A new item numbered (5) is added to Article Four of Decision of the Board of Directors of the Authority No. (53) of 2018 regarding the conditions for granting and renewing licenses and rules for share ownership of companies operating in non-banking financial activities - with renumbering of the items accordingly - as follows:

Article Four:

Without prejudice to the establishment or licensing requirements stipulated by the legislation governing each activity, companies seeking preliminary approval for establishment or a license to conduct one of the non-banking financial activities must comply with the following:

• 5- That the company's board of directors composition must include at least one female member, except for professional companies subject to a decision by the Authority's Chairman.

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(Article Two)

Companies subject to the provisions of this Decision must ensure that their board of directors includes at least one female member, and must adjust their composition accordingly by no later than 31/12/2020, if feasible, or at the first board of directors election of the company.

(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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Chairman of the Board of Directors of the Authority Mohamed Omran
47.76
10/10/13

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