In addition, Egypt has won the membership of the Executive Committee of the International Organization of Pension Supervisors (IOPS) for the period 2020-2021 for the third time in a row. You can change your cookie settings through your browser. The Non-Bank Financial Institutions Regulatory Authority Act and the Retirement Funds Act, Retirement Funds Regulations regulate the establishment, licensing and operation of retirement funds in Botswana. (18) of 2019 regulating the "use of cashless payment methods." As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates. We had to unify human and material resources, the supervisory systems, and data and information infrastructure of three different authorities. CIMA is the authority to issue and redeem the Cayman Islands currency and plays an advisory and regulatory role. Have news to share? The Egyptian Financial Supervisory Authority (EFSA) Overview The Egyptian Financial Supervisory Authority is a public Authority, having a constitutional and legal status, established in accordance to law 10 of the year 2009 to regulate the non-banking financial markets sector and Limiting the inconsistency risks and the addressing Moreover, Africa Investor named FRA the “Most innovative Capital Markets Regulator” in the African Stock Markets in 2018, and its Chairman was awarded the most influential personality in African capital markets in 2017. Financial Services Regulatory Authority. About Egypt       Egyptian Financial Supervisory Authority | 3,267 followers on LinkedIn. On the other hand, FRA fulfilled its pledge to include sustainability in its strategy. The Prudential Regulation Authority (link is external) (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. Furthermore, FRA pays considerable attention to foster its national and international presence. This website uses cookies to improve your online experience. All Rights Reserved. According to this guide, companies and entities operating in the field of non-banking financial activities are obliged to comply with the principles set out in the guide, and to take all the necessary measures to publish this guide and educate their customers of their rights and obligations. © 2021 Financial Services Regulatory Authority (FSRA) . Sstainable Insurance Forum JURISDICTION: EGYPT AUTHORITY: FINANCIAL REGULATORY AUTHORITY (FRA) Background The Financial Regulatory Authority (FRA) was established by Law no. Factored receivables have grown to almost EGP 50 billion in 2019, compared to EGP 2 billion in 2009, an increase of 25 folds. EGYPT: Egypt’s Financial Regulatory Authority has formed a new board of trustees, chaired by FRA Chairman Mohamed Omran. It also necessitated setting a regulatory and supervisory framework for several financial instruments, developing new instruments and activities, such as financial leasing, factoring, microfinance, and the Egyptian Collateral Registry, along with preparing for the launch of much-awaited activities including consumer finance, futures markets, and crowdfunding. Postal address 21 Abd El-Aziz Al Soud Street, EL-Manial, Cairo, Egypt Sayed Abdel-Fadil, Head of the Central Department for Finance at Egypt’s Financial Regulatory Authority (FRA) has revealed two potential Sukuk offerings to take place in the first quarter of 2021 (1Q 2021), according to local media reports. For a better experience on Cayman Islands Monetary Authority, update your browser. The board comprises FRA deputy chairperson Reda … About FRA       | Ø¹Ø±Ø¨Ù‰. Sponsored Links by DQ Promote. The Egyptian stock exchange said it had suspended CIB’s shares from trading in Cairo after a request from the Financial Regulatory Authority (FRA) on Thursday morning. By the end of September 2019, movable collaterals increased to more than 33 thousands, with a total value of over EGP 500 billion since starting the operation of the Egyptian Collateral Registry in March 2018. Deltalife Assurance Company. The regulations stipulate that the shariah-compliant bond issuances be approved by a religious committee and issued through an independent body that monitors the issuance and reports violations. 159 of 1981, and the Capital Market Law No. The development strategy has been centred on the service approach and digital transformation. And because we operate in the communities where firms do business and disputes actually occur, we understand emerging issues affecting investors right in their own neighborhoods. We are always with you Do not hesitate to contact us. These complaints included 15,798 for mobile phone, 25,548 fixed internet, 11,939 for fixed phones, and 1,278 for mobile devices. ADDRESS Financial Services Authority 2nd Floor, Reigate Building P.O. Memoranda of Understanding. Africa is an important place for Egypt to access: chairperson of Financial Regulatory Authority African stock exchanges scored just 6 places in the latest competitiveness report Daily News Egypt FRA also joined the Mediterranean Partnership of Securities Regulators in 2009 and was elected as the president for the period 2018–2020. This placed a further supervisory burden on FRA to maintain the stability of the non-banking financial sector, make it able to mitigate the severity of external jolts, and boost Egypt’s economic growth and sustainable development. 10 of 2009. Email: info@svgfsa.com Telephone: (784) 456-2577 / (784) 457 2328 / (784) 485 6031 Prime Holding successfully manages the acquisition of Americana's International Tobacco by Al Saidy Tobacco, Vezeeta joins the Sixth Regional Medical Insurance and Healthcare Forum to support the digitization of Egypt's health insurance landscape, Mohamed bin Zayed, El Sisi witness signed agreements between UAE, Egypt, Dubai Financial Services Authority ink deal with Central Bank of Egypt, DFSA signs MoU with the Central Bank of Egypt, General Authority for Investment and Free Zones, Egyptian Organization For Standardization & Quality, Rapid vaccine roll-out, oil to support Gulf economies, Shuaa Capital declares first dividends for Nujoom funds, UAE non-oil trade to see 12.9% growth in 2021, UAE realty market on solid growth track due to lucrative business ambience, Saudi Arabia expects 'excellent relations' with Biden administration, Lifting of Qatar embargo to boost travel, hotel bookings, Mubadala Investment to invest heavily in hydrogen: CEO, Sunday Outlook: Stocks, oil fall on weak data, earnings, Bangladesh to buy Myanmar rice, putting aside Rohingya crisis, China rescues 11 miners after 14 days trapped underground - CCTV, Australia has eye on vaccination drive even though coronavirus under control, Mideast Stocks - Factors to watch on January 24, New Zealand probes first 'probable' community COVID-19 case in months. FRA has also engaged sustainability principles in its operation, investment, and management by turning sustainability into culture, daily practice, and one of the decision-making tools within non-banking financial institutions through ratcheting up sustainability standards in the sector. Investments of private insurance funds also grew threefold, recording EGP 75 billion, compared to EGP 24 billion in 2009. On the investor’s protection front, FRA amended a raft of laws and legislation, as well as issuing the first detailed guide to protect the non-banking financial sector’s stakeholders. All rights reserved to  Financial Regulatory Authority ©2019. This was guided by the decisions issued by the Financial Regulatory Authority to increase the scope of disclosure, transparency, and the efficiency of regulatory framework for corporate governance, and minority shareholders’ protection. Egypt’s Financial Regulatory Authority Calls for Electronic Voting and Digitizes Services in the Wake of COVID-19 Published: Mar 19, 2020 Further precautionary measures are being taken by the Egyptian authorities to limit the spread of the Coronavirus disease (COVID-19). All rights … They were placed on your computer when you launched this website. With 19 offices and 3,600 employees deployed throughout the country, FINRA is dedicated to ensuring that our nation’s financial markets are fair and honest. The merger of the three supervisory authorities was a long and challenging mission. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. The financial reporting framework in Egypt is established under the Companies Law No. Financial leasing contracts reached EGP 200 billion, since starting the Leasing activity to date, compared to EGP 3.6 billion in 2009. Box: 12577 Country: Egypt City: Cairo SINGAPORE: Sabana REIT records gross revenue decline by 5.5% to SG$37.4 million (US$28.29 million) for second half of 2020. The Egyptian regulator signed a host of bilateral cooperation agreements and MoUs to exchange supervisory information and hands-on experience. As part of its keenness to support technological progress and digital transformation, FRA keeps a close eye on technological progress, particularly Blockchain Technology, Artificial Intelligence (AI), Cloud Computing, and Cybersecurity challenges to explore their impacts on changing the dynamics of non-banking financial markets, including Financial Technology (Fintech), Regulatory Technology (Regtech), and Supervisory Technology (Suptech). Moreover, Loans granted by mortgage finance companies hiked to reach EGP 11.4 billion, compared to around EGP 2 billion in 2019. Egypt’s Financial Regulatory Authority’s (FRA) Board of Directors has, at its closing meeting for the year, revealed its agenda which includes decisions on four important files related to the non-banking financial activities sector. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. On the other hand, Egypt’s 2014 constitution marked another milestone in view of granting FRA an unprecedented autonomy. REGULATION WATCH- The Financial Regulatory Authority (FRA) issued regulations governing the issuance and listing of sukuks, the market regulator said in a statement. It was not a simple, easy-to-do task; particularly the early years which witnessed huge political transformation and economic challenges. RCSF also offers technical support and consultancy to investors and concerned governmental entities to accomplish sustainable development goals through raising awareness of sustainable finance, and launching e-platform highlighting developments in sustainable finance. Meanwhile, insurance market has witnessed significant activity since the merger, where the sector’s net investments reached EGP 102 billion in 2019, up from EGP 29 billion in 2009. Financial Regulatory Authority Official Website : Click To Visit Customer Protection Guide Brochure Customer Protection Guide In accordance the Companies Law and the Capital Market Law, all companies must prepare annual financial statements following the financial reporting requirements specified by a decree of the Minister of Economy. This in turn has greatly contributed to creating a full-fledged, clear-cut institutional structure for the non-banking financial sector. 12 Endeavour Square. In addition, there are further work in the pipeline, including the Arbitration and Dispute Settlement Centre, micro-insurance, and accomplishing the sector’s sustainability, and a lot more that have been integrated in our 2018–2022 Strategy. Copyright © 2021 Zawya. It was a key step toward upgrading markets’ supervisory and functional performance, developing market instruments, as well as accentuating the growing importance of the non-banking financial sector. Its funds regime and its confidentiality regime are fully recognised by the European Securities and Markets Authority (ESMA) … EGYPT: Dr Islam Abdel Azim Azzam joins Financial Regulatory Authority of Egypt as board vice-chairman . Box 356, Kingstown St. Vincent West Indies. Administrator's name or contact person E-mail info@eda.mohp.gov.eg . London E20 1JN The National Telecommunications Regulatory Authority (NTRA) handled 54,563 complaints from October to December 2020, an increase of six percent compared to 51,318 complaints during the third quarter. We deploy deep expertise, leading technology and extensive market intelligence to serve as the first line of oversight for the brokerage industry - all at no cost to taxpayers. This merger was unquestionably an excellent strategic decision; it illustrated a far-sighted vision, which led Egypt to be a pioneer emerging country in merging the supervisory authorities of the non-banking financial sector under one umbrella. The FSRA is a signatory to 115 bilateral MoUs with both national and international bodies including International financial centres and regulators.FSRA became signatory to the IOSCO MoU in May 2017 and to the IAIS MMoU in December 2018. Securitised bonds issues stood at EGP 45 billion, EGP 18 billion of which were realised this year. 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