Regulatory Alerts2020-01-01
Law No. 301 of 2020 Amending Certain Provisions of Law No. 141 of 2014 Regulating Microfinance Activities
The President of the Republic of Egypt enacted Law No. 301 of 2020 to amend Law No. 141 of 2014 on microfinance regulation. The legislation renames the regulatory framework, expands the Financial Regulatory Authority's oversight to include medium and small enterprise financing, and establishes stricter capital requirements, licensing procedures, and supervisory measures for licensed companies, associations, and civil institutions. It introduces new provisions prohibiting related-party lending by civil institutions without strict caps and disclosure, empowers the Authority to suspend or revoke licenses for non-compliance, and increases penalties for unlicensed operations and false reporting.
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