Chairman of the Authority

Decision of the Board of Directors of the General Authority for Financial Supervision

No. (53) of 2018 dated 13/9/2018

Regarding the Amendment of Decision No. (53) of 2018 of the Board of Directors of the Authority

Concerning the Conditions for Granting and Maintaining Licenses and the Rules for Owning the Names of Companies Operating

in Non-Banking Financial Activities

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Board of Directors of the General Authority for Financial Supervision

Having reviewed Law No. (54) of 1975 promulgating 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 the Law on Joint Stock Companies, Companies Limited by Shares, Limited Liability Companies, and Single-Shareholder Companies under Law No. (159) of 1981 and its Executive Regulations; and the Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations and amendments; and Law No. (93) of 2000 promulgating the Central Depository and Registration of Securities Law and its Executive Regulations; and the Real Estate Financing Law issued by Law No. (148) of 2001 and its Executive Regulations; and the Anti-Money Laundering Law issued by Law No. (80) of 2002 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 promulgating the Law regulating financing leasing and factoring activities; and Presidential Decree No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; and Decision No. (53) of 2018 of the Board of Directors of the Authority concerning the conditions for granting and maintaining licenses and the rules for owning the names of companies operating in non-banking financial activities; and the approval of the Board of Directors of the Authority in its session held on 13/9/2018.

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Has Decided

Article One

Two new items numbered (14) and (15) shall be added to the financial institutions listed in Article Two of the aforementioned Decision No. (53) of 2018 of the Board of Directors of the Authority, as follows:

For the purposes of applying the provisions of this Decision, the following words and phrases shall have the meanings indicated beside each of them:

Financial Institutions:

...

14. Private insurance funds whose invested assets exceed 100 million Egyptian pounds.

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Article Two

This Decision shall be published in the Egyptian Gazette and on the websites of the Authority and the Egyptian Exchange, 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 Dr. Mohamed Omran

Office of the Chairman of the Authority
General Authority for Financial Supervision
46076

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