Chairman of the Authority

Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority Decision No. (42) for the year 2019 dated 2019/1/6

Regarding the regulation of the work of the Regulatory Committees Established pursuant to the provisions of the laws subject to the supervision of the Authority (Insurance, Capital Market, Real Estate Financing, Microfinance, Financial Leasing and Factoring)

Chairman of the Financial Regulatory Authority

Having reviewed Law No. (10) of 1981 concerning supervision and control of insurance in Egypt and its Executive Regulations; And Law No. (95) of 1992 concerning the Capital Market Law and its Executive Regulations; And Law No. (93) of 2000 issuing the Central Depository and Registry Law for Securities and its Executive Regulations; And Law No. (148) of 2001, amended by Law No. (55) of 2014 concerning real estate financing and its Executive Regulations; And Law No. (10) of 2009 concerning the regulation of supervision on non-bank financial markets and instruments; And Law No. (141) of 2014 concerning the regulation of microfinance activities; And Law No. (176) of 2018 issuing the law regulating the activity of financial leasing and factoring; And Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority; And Prime Minister's Decision No. (2478) of 2018 concerning the formation of Regulatory Committees to review regulations from administrative decisions issued in implementation of the provisions of the Capital Market Law No. (95) of 1992 and its Executive Regulations; And Prime Minister's Decision No. (2495) of 2018 concerning the formation of the Regulatory Committee to review regulations from administrative decisions issued in implementation of the provisions of the Real Estate Financing Law No. (148) of 2001 and its Executive Regulations; And Prime Minister's Decision No. (2805) of 2018 concerning procedures for regulations from decisions issued in implementation of the provisions of the law regulating the activity of financial leasing and factoring, And Chairman of the Authority Decision No. (712) of 2018 issued regarding the regulation of the work of the Regulatory Committees at the Authority.

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PREAMBLE

(Article One)

The committees formed pursuant to the provisions of the aforementioned laws shall undertake the review and consideration of regulations submitted by interested parties against administrative decisions issued in implementation of the provisions of these laws, their executive regulations, and decisions issued in implementation thereof.

(Article Two)

The Regulatory Committees shall hold their sessions at the headquarters of the Financial Regulatory Authority in the Smart Village according to the following schedule:

First: Capital Market Regulatory Committees

1. The First Committee: Holds its sessions on Sunday of each week.
2. The Second Committee: Holds its sessions on Monday of each week.
3. The Third Committee: Holds its sessions on Tuesday of each week.
4. The Fourth Committee: Holds its sessions on Wednesday of each week.

Second: Real Estate Financing Regulatory Committee: Holds its sessions on Sunday of each week.

Third: Microfinance Regulatory Committee: Holds its sessions on Monday of each week.

Fourth: Financial Leasing Regulatory Committee: Holds its sessions on Tuesday of each week.

Fifth: Insurance Intermediaries Regulatory Committee: Holds its sessions on Wednesday of each week.

The Committee may also hold sessions upon the invitation of its Chairman whenever necessary. A Committee session is not valid unless a majority of its members are present, including its Chairman, and its decisions are issued by majority vote.

(Article Three)

Regulations shall be submitted by interested parties to the General Administration of Dispute Resolution and Regulations at the Authority within the time limit prescribed by law, in one original and six copies. The regulation must include the following data:

1. Name, surname, address, profession, contact means, and notification methods agreed upon by the applicant.
2. Date of issuance of the decision being challenged and the date of notification or knowledge of the applicant thereof.
3. Subject of the regulation and the grounds on which it is based.
4. Receipt evidencing payment of the regulation fees.
5. Supporting documents attached to the regulation.

(Article Four)

The General Administration of Dispute Resolution at the Authority shall receive regulations and register them in the dedicated register on the day, date, and time of their arrival. The applicant shall receive a receipt stamped with the registration number and date. The aforementioned Administration shall perform the following:

1. Prepare a file for the regulation and present it to the Committee Chairman within at least three days from the date of registration in the register to determine a session for its review according to the Committee's schedule.
2. Notify the applicant of the session date for reviewing the regulation at least five days prior to its convening, allowing them to attend in person or through their legal representative via official notification means or means agreed upon by the applicant.
3. Perform all administrative tasks related to the Committee's work, including preparing the venue for reviewing the regulation and providing necessary tools and supplies.
4. Assign one of the Administration's members to serve as the Committee's Secretary.
5. Notify interested parties of a certified copy of the Committee's decision on the regulation and the grounds for it via registered mail with acknowledgment of receipt within no more than seven days from the date of the Committee's decision, or via means agreed upon by the applicant.
6. Monitor the implementation of decisions issued by the Regulatory Committees with the relevant departments at the Authority and with the authorities concerned with their implementation.

(Article Five)

Extract legal principles contained in decisions issued by the Regulatory Committees, work on publishing them, and distribute them to the relevant departments at the Authority related to the subject matter of the regulations.

(Article Six)

The Committee has the right, in order to communicate with interested parties, departments concerned at the Authority, and other relevant entities, to request them to provide clarifications, inquiries, and documents deemed necessary for adjudicating the regulation. These entities must provide requested documents immediately upon request. The Committee may invite the applicant or their legal representative, as well as a representative from the Authority or the competent administrative authority, to meet, discuss, hear the parties, and present viewpoints.

The Committee may also seek assistance from experts and specialists from various fields within the Authority and other administrative bodies, provided they have no voting right in deliberations.

(Article Seven)

The Committee shall adjudicate regulations submitted to it within the time limits prescribed in the aforementioned laws and their executive regulations.

If the regulation is accepted and the decision being challenged is annulled, the amounts paid by the applicant for the regulation shall be refunded, deducting 10% for administrative expenses, subject to what those laws and their executive regulations stipulate in this regard.

(Article Eight)

An electronic system for regulations shall be established within the General Administration of Regulations, utilizing the Authority's electronic authentication, to facilitate the registration and review process. This system shall include the registration date, the applicant's name and title, the subject of the regulation, the decision being challenged, the number of the Committee responsible for reviewing the regulation, the date of the review session and its adjournments, decisions issued on the regulation and their dates, and the date of notification to the authorities concerned with the decision and the regulations confirming such notification.

(Article Nine)

Chairman of the Authority Decision No. (712) of 2018 issued regarding the regulation of the work of the Regulatory Committees for the year 2018 is hereby repealed.

(Article Ten)

This Decision shall be published in the Egyptian Gazette and on the Authority's website, and shall be enforced from the day following its publication in the Egyptian Gazette.

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Chairman of the Board of Directors
Financial Regulatory Authority
Dr. Mohamed Omran

46076

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