Regulatory Alerts2020-01-01
Added · Updated
Law No. 194 of 2020 Issuing the Law on the Central Bank and the Organized Financial Market
President Abdel Fattah el-Sisi issued Law No. 194 of 2020, which repeals the previous Central Bank Law No. 88 of 2003 and establishes a new regulatory framework for the Central Bank of Egypt and the organized financial market. The law extends the Central Bank's supervisory authority to include exchange companies, money transfer companies, credit rating agencies, and payment system operators, while applying general corporate and commercial laws to these entities where specific provisions are absent. It mandates a one-year transition period for regulated entities to comply with new requirements and nullifies any conflicting legal provisions regarding capital, supervision, and confidentiality.