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2022-01-01

Decision No. 77 of 2022 on the Establishment of a Dispute Resolution Committee for Non-Banking Financing Activities

The Financial Regulatory Authority issued Decision No. 77 of 2022 to formally establish a Dispute Resolution Committee for non-banking financing activities. The committee, chaired by Deputy Chairman Dr. Islam Azzam and comprising five designated members including union heads and regulatory experts, will adjudicate disputes arising from non-banking financing transactions. Its operational framework and technical secretariat duties are governed by the referenced Board Decision No. 27 of 2022, with immediate effect upon publication on the Authority's official website.

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Financial Regulatory Authority Egypt

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The Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (77) of 2022 dated 23/2/2022

on the Establishment of a Dispute Resolution Committee for Non-Banking Financing Activities

Chairman of the Board of Directors of the Financial Regulatory Authority Having reviewed the Real Estate Financing Law issued by Law No. (148) of 2001 and its Executive Regulations; and the Law No. (10) of 2009 on regulating supervision over non-banking financial markets and instruments; and the Law No. (141) of 2014 on regulating the activity of financing medium, small, and micro-enterprises; and the Law No. (176) of 2018 on regulating financing leasing and factoring activities; and the Law No. (18) of 2020 on regulating consumer financing activities; and the Board of Directors' decisions numbered (41) of 2015, (149) of 2019, and (6) of 2021 issued regarding the bylaws of unions of entities operating in non-banking financing; and the Board of Directors' decision No. (27) of 2022 establishing a committee for resolving disputes arising from non-banking financing activities;

Has Decided

(Article One)

A Dispute Resolution Committee for Non-Banking Financing Activities is established in accordance with the aforementioned Board of Directors' Decision No. (27) of 2022, chaired by Dr./ Islam Azzam, Deputy Chairman of the Authority, and comprising:

  1. The Chairman of the Professional Union involved in the dispute
  2. Dr./ Eman Zakaria – Deputy Chairman of the Non-Banking Financing Supervision and Regulation Sector
  3. Mr./ Fathy El-Sayed – Head of the Central Appraisal Administration
  4. Dr./ Ahmed Hussein – Supervisor of the Central Regulation Administration for Medium, Small, and Micro-Enterprise Financing
  5. Ms./ Mai Abdel Hamid – An expert member

(Article Two)

The Central Administration for Participants' Complaints shall undertake the committee's technical secretariat duties, assisted by personnel designated by the Administration Head.

(Article Three)

The provisions stipulated in the aforementioned Board of Directors' Decision No. (27) of 2022 shall govern the committee's operational organization.

(Article Four)

This Decision shall be published on the Authority's official website and shall take effect from its issuance date, with competent administrations responsible for implementing it as applicable.

Chairman of the Board of Directors Dr. Mohamed Omran

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