General Authority for Financial Supervision Board Resolution No. 27 of 2022 Establishing a Dispute Resolution Committee for Non-Banking Finance Activities

Al-Waqai' Al-Masriya – No. 52 on March 3, 2022

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General Authority for Financial Supervision
Board Resolution No. 27 of 2022 dated 20/02/2022 Establishing a Committee for Resolving Disputes Arising from Non-Banking Finance Activities The Board of Directors of the General Authority for Financial Supervision, Having reviewed the Real Estate Finance Law issued by Law No. 148 of 2001 and its Executive Regulations; And the Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments; And the Law No. 141 of 2014 regulating the activity of financing medium, small, and micro-enterprises; And the Law No. 176 of 2018 regulating financing leasing and factoring activities; And the Law No. 18 of 2020 regulating consumer finance activities; And the Board Resolutions Nos. (2 and 41) of 2015, (149 and 150) of 2019, and 47 of 2021 regarding the constitutions of unions of entities operating in non-banking finance; And after approval by the Board of Directors in its session held on 20/02/2022;

Al-Waqai' Al-Masriya – No. 52 on March 3, 2022

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RESOLVED:
(Article One)
A Committee for Resolving Disputes Arising from Non-Banking Finance Activities is hereby established, tasked with examining disputes arising between entities operating in the non-banking finance sector (real estate finance – financing leasing and factoring – medium, small, and micro-enterprise financing – consumer finance) and their clients, in accordance with what the Authority refers to it. (Article Two) The Committee is formed by a decision of the Authority's Chairman, presided over by one of the Deputy Chairmen and comprising the President of the Board of Directors of the Union concerned with the dispute at hand, along with a number of experts not exceeding seven members. The Committee may appoint such persons as it deems necessary to assist in performing its duties, without them having voting rights. The Committee shall have a technical secretariat responsible for preparing meeting invitations, recording meeting minutes, notifying concerned parties of the Committee's decisions, and performing any other related duties. (Article Three) The Committee convenes upon invitation by its Chairman, and its meetings are valid only with the attendance of a majority of its members. It issues decisions by a majority vote of those present, and in case of a tie, the Chairman's side prevails. In all cases, Committee members must adhere to conflict-of-interest avoidance rules when reviewing matters referred to them.

Al-Waqai' Al-Masriya – No. 52 on March 3, 2022

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(Article Four)
The relevant Administration within the Authority shall provide the Committee with a comprehensive memo regarding the dispute at hand. The Committee has the right to hear any of the disputing parties, who may submit documents or memos expressing their views. The Committee shall issue its decision within one month from the date of referral, with all necessary documents attached. The concerned parties shall be notified of the decision within fifteen days from its issuance date. (Article Five) This Resolution shall be published in Al-Waqai' Al-Masriya and on the Authority's electronic website, and shall take effect from the day following its publication in Al-Waqai' Al-Masriya. Any provision contrary to its provisions is hereby repealed. Chairman of the Board of Directors Dr. Mohamed Omran