General Authority for Financial Supervision Board of Directors Decision

No. (124) of 2019 dated 16/9/2019
Amending the Board of Directors Decision No. (53) of 2018

Regarding the Conditions for Granting and Renewing Licenses and the Rules for Share Ownership of Companies Operating in Non-Banking Financial Activities

General Authority for Financial Supervision Board of Directors

After reviewing Law No. (54) of 1975 issuing the Law on Private Insurance Funds and its Executive Regulations; and Law No. (10) of 1981 regarding Supervision and Control of Insurance in Egypt and its Executive Regulations; and Law No. (159) of 1981 on Joint Stock Companies, Limited Partnerships, Limited Liability Companies, and Single-Shareholder Companies and its Executive Regulations; and Capital Market Law issued by Law No. (95) of 1992 and its Executive Regulations; and Law No. (93) of 2000 issuing the Central Depository and Registration of Securities Law and its Executive Regulations; and Real Estate Financing Law issued by Law No. (148) of 2001 and its Executive Regulations; and Anti-Money Laundering Law issued by Law No. (80) of 2002 and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Law No. (141) of 2014 regulating microfinance activities; and Law No. (176) of 2018 regulating leasing and factoring activities; and Presidential Decree No. (192) of 2009 issuing the Basic Statute of the General Authority for Financial Supervision; and Board of Directors Decision No. (53) of 2018 regarding the conditions for granting and renewing licenses and the rules for share ownership of companies operating in non-banking financial activities; and the approval of the Authority's Board of Directors in its session held on 16/9/2019;

Decided

(Article One)

A new clause numbered (5) is added to Article Four of the Board of Directors Decision No. (53) of 2018 regarding the conditions for granting and renewing licenses and the rules for share ownership of companies operating in non-banking financial activities - with renumbering of the clauses accordingly - as follows:

Article Four:

Without prejudice to the establishment or licensing requirements stipulated by the legislation governing each activity, companies seeking preliminary approval for establishment or a license to conduct any non-banking financial activity must comply with the following:

5- That the company's board of directors composition must include at least one female member, except for professional companies subject to a decision by the Authority's Chairman.

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(Article Two)

Companies subject to the provisions of this Decision must include at least one female member in their board of directors composition and must amend their status accordingly by no later than 31/12/2020, if feasible, or at the first board of directors election.

(Article Three)

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

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Chairman of the Board of Directors
Mohamed Omran

Office of the Chairman
47.76

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