Regulatory Alerts2021-01-01
Circular No. 1 of 2021 Regarding the Establishment of a Database by Non-Banking Financial Entities on Services Provided to Clients
The Financial Regulatory Authority of Egypt issued Circular No. 1 of 2021 and Board Decision No. 187 of 2020 mandating non-banking financial entities to establish and continuously maintain a client service database. The regulation requires categorizing clients by gender, age group, and geographic region, with specific ownership and leadership thresholds for female representation in legal entities. Entities must submit quarterly reports detailing these classifications to the Authority within fifteen days following each reporting period, starting from June 30, 2020.
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