Regulatory Alerts2020-01-01
Board of Directors Decision No. 202 of 2020 Amending Decision No. 66 of 2009 on the Development Fee for Supervised Companies
The Financial Regulatory Authority of Egypt issued Board Decision No. 202 of 2020 to amend the development fee schedule for supervised financial companies. The decree introduces a 2-per-10,000 fee on medium and small enterprise financing revenues and a 2-per-1,000 fee on consumer financing revenues, applicable whether conducted independently or combined with micro-enterprise financing. It simultaneously repeals Article 2 of Decision No. 119 of 2017 and mandates publication in the Official Gazette and on the Authority's website.
Financial Regulatory Authority FINANCIAL REGULATORY AUTHORITY
-- Chairman of the Authority --
Board of Directors Decision No. (202) of the year 2020 dated 27/12/2020 Amending Board of Directors Decision No. (66) of the year 2009 Regarding the Development Fee Levied on Companies Under the Authority's Supervision
Board of Directors of the Financial Regulatory Authority Having reviewed Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Law No. (141) of 2014 regulating the activity of medium, small, and micro-enterprise financing; and the Consumer Financing Regulation Law issued under Law No. (18) of 2020; and Board of Directors Decision No. (66) of 2009 regarding the Development Fee levied on companies under the Authority's supervision, as amended by Decision No. (119) of 2017; and after approval by the Board of Directors in its meeting held on 27/12/2020;
DECIDED
(Article One) The medium and small enterprise financing activity is added to the Development Fee rates schedule applicable to companies under the Authority's supervision, attached to the aforementioned Board of Directors Decision No. (66) of 2009, with the Development Fee rate for this activity set at (2 per 10,000) of total revenues. The Development Fee shall be calculated when the medium and small enterprise financing activity is conducted independently or in conjunction with the micro-enterprise financing activity.
(Article Two) The consumer financing activity conducted by consumer financing companies and consumer financing providers is added to the Development Fee rates schedule applicable to companies under the Authority's supervision, attached to the aforementioned Board of Directors Decision No. (66) of 2009, with the Development Fee rate for this activity set at (2 per 1,000) of total revenues.
(Article Three) Article Two of the aforementioned Board of Directors Decision No. (119) of 2017 is repealed.
(Article Four) This Decision shall be published in the Official Gazette and on the Authority's website.
Chairman of the Board of Directors Financial Regulatory Authority Dr. Mohamed Omran
[Seal of the Financial Regulatory Authority - Chairman's Office - 46076]