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. The merger of the three supervisory authorities was a long and challenging mission. FRA’s Board of Directors has also embraced an inside-out approach to ensure success and sustainability starting with the development of HR and Workflow Structure and IT Infrastructure to Business Infrastructure. Also in September, Egypt’s financial regulatory authority approved a draft of laws to regulate Fintech in the non-banking financial sector. 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Today we are celebrating a decade since the establishment of the Financial Regulatory Authority (FRA), an entity that united three supervisory authorities, the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Mortgage Finance Authority (MFA), into one supervisory body for Egypt’s non-banking financial sector. 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. We look forward to achieving more, as great aspirations are futile if unbacked by greater endeavours. Looking back to those years, we remember the magnitude of the drastic turnarounds in the sector. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Financial Services Regulatory Authority. We help manage the monetary affairs of the Cayman Islands. https://dfsobservatory.com/content/list-national-regulatory-authorities Furthermore, FRA pays considerable attention to foster its national and international presence. Hot Line: 16154 Email Address:contactus@deltalife.com.eg As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates. (18) of 2019 regulating the "use of cashless payment methods." This aims to reset the course, address challenges, spur aspirations, and recreate an inclusive, pro-growth, and autonomous non-banking financial sector, which ensures gender equality and prioritises financial inclusion and women’s empowerment. Deltalife Assurance Company. This in turn has greatly contributed to creating a full-fledged, clear-cut institutional structure for the non-banking financial sector. Factored receivables have grown to almost EGP 50 billion in 2019, compared to EGP 2 billion in 2009, an increase of 25 folds. 159 of 1981, and the Capital Market Law No. Investments of private insurance funds also grew threefold, recording EGP 75 billion, compared to EGP 24 billion in 2009. REGULATION WATCH- The Financial Regulatory Authority (FRA) issued regulations governing the issuance and listing of sukuks, the market regulator said in a statement. About FRA       | Ø¹Ø±Ø¨Ù‰. Have news to share? Moreover, Loans granted by mortgage finance companies hiked to reach EGP 11.4 billion, compared to around EGP 2 billion in 2019. It was not a simple, easy-to-do task; particularly the early years which witnessed huge political transformation and economic challenges. 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. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Perhaps our slogan “Building Bridges not Walls” is the best illustration of our present approach for the non-banking financial sector. SINGAPORE: Sabana REIT records gross revenue decline by 5.5% to SG$37.4 million (US$28.29 million) for second half of 2020. Hence, a comprehensive strategy for the non-banking financial sector was developed for the period 2018–2022, in an effort to build a state-of-the-art economy able to effectively realise sustainable development plans and accomplish Egypt’s Vision 2030. The Egyptian regulator signed a host of bilateral cooperation agreements and MoUs to exchange supervisory information and hands-on experience. 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. 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. London E20 1JN About Egypt       Box: 12577 Country: Egypt City: Cairo EGYPT: Dr Islam Abdel Azim Azzam joins Financial Regulatory Authority of Egypt as board vice-chairman . 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 Egyptian Exchange also continued its primary role in supporting the economy through providing finance to listed companies, where the period witnessed EGP 111 billion worth of capital increases.We are also pleased to see Egypt move up 78 ranks in five years in terms of minority investor protection, acquiring the 57th place up from the 135th in 2015, according to the World Bank’s “Doing Business Report”. Moreover, the Financial Regulatory Authority has focused on community dialogue in formulating our decisions and laws as we believe that we are all partners in realising the sector’s interest, and we will forge ahead with expanding the sector’s governance practices and ensuring the biggest possible protection for minority shareholders. Relatedly, FRA set up plans to streamline an attractive climate for sustainable and green investments, sustain investor confidence to invest in green projects in an attempt to create communities capable of formulating sound investment decisions. On the other hand, Egypt’s 2014 constitution marked another milestone in view of granting FRA an unprecedented autonomy. Sponsored Links by DQ Promote. 5th Floor Ingcamu Building, Mhlambanyatsi Road, P.O. Agreement will work to combat financial crime, conduct consolidated supervision of common firms and discuss crisis management, This includes, but is not limited to, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management. They were placed on your computer when you launched this website. Financial leasing contracts reached EGP 200 billion, since starting the Leasing activity to date, compared to EGP 3.6 billion in 2009. 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. 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. SAUDI ARABIA: Dr Abdulrahman Ibrahim Al Humid, Bank Albilad’s board chairman, passes away . You can change your cookie settings through your browser. The board comprises FRA deputy chairperson Reda … This website uses cookies to improve your online experience. Postal address 21 Abd El-Aziz Al Soud Street, EL-Manial, Cairo, Egypt 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 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. 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. 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). The agreements to avoid double taxation and prevent tax evasion. 10 of 2009. Our role is not limited to supervision, but we have focused on creating favourable environment for investment, a one that is open to developments and capable of building bridges to communicate with stakeholders. All rights … © 2021 Financial Services Regulatory Authority (FSRA) . EGYPT: Egypt’s Financial Regulatory Authority has formed a new board of trustees, chaired by FRA Chairman Mohamed Omran. 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. Physical address 21 Abd El-Aziz Al Soud Street, EL-Manial, Cairo, Egypt. 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. Email: info@svgfsa.com Telephone: (784) 456-2577 / (784) 457 2328 / (784) 485 6031 12 Endeavour Square. 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. FRA also signed a memorandum of understanding (MoU) with the Central Bank of Egypt’s (CBE) Money Laundering Combating Unit (EMLCU) and the Ministry of Communications and Information Technology (MCIT) in an effort to step up Fintech cooperation according to the remit of each party, which in turn helps start-ups and entrepreneurs iron out supervisory and legal obstacles. Its funds regime and its confidentiality regime are fully recognised by the European Securities and Markets Authority (ESMA) … Financial Regulatory Authority Official Website : Click To Visit Customer Protection Guide Brochure Customer Protection Guide Telephone number: +202 25354100 . Copyright © 2021 Zawya. As we come to the end of the first decade, we had to launch a new roadmap for the non-banking financial sector. For a better experience on Cayman Islands Monetary Authority, update your browser. Contact us by web chat, email, phone or post: Financial Conduct Authority. 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. 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. 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). Today we are celebrating a decade since the establishment of the Financial Regulatory Authority (FRA), an entity that united three supervisory authorities, the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Mortgage Finance Authority (MFA), into one supervisory body for Egypt’s non-banking financial sector. Egyptian Financial Supervisory Authority | 3,267 followers on LinkedIn. However, placing walls is a sine qua non in building a bridge to curb irregularities and wrong practices, which dent soundness and stability of the non-banking financial sector. Contact details Primary address Building: Building 136B Street: Alexandria Desert Road Area: Smart Village Area P.O. The development strategy has been centred on the service approach and digital transformation. 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. Furthermore, FRA’s Board of Directors also approved the establishment of the Regional Centre for Sustainable Finance (RCSF) to disseminate awareness of sustainable development and boost green economy culture in the financial sectors. These efforts led to bagging a slew of international recognition and awards, where Egypt, represented by FRA, won the membership of the International Organisation of Securities Commissions (IOSCO) Board, retaining its seat for the third consecutive period (2018–2020). Message of FRA’s Chairman. 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. FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. Alongside global and regional healthcare leaders, Vezeeta aims to drive digitization in the health insurance sector, to make quality healthcare accessible and affordable for all Egyptians. Tagged with Financial Regulatory Authority (FRA) The Suez Canal Bank has sold its 1.27% stake in the Middle East Oil Refinery (Midor) for $30.6 million to the Egyptian General Petroleum Corporation (EGPC). This adds to 8 decades of supporting the Egyptian economy, since the issuance of the first insurance legislation in 1939. Box 356, Kingstown St. Vincent West Indies. ADDRESS Financial Services Authority 2nd Floor, Reigate Building P.O. 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. Refinitiv research team update company information from primary sources (company annual reports, press releases, company websites, corporate briefings, official statements/interviews) and reliable secondary sources (stock markets, reliable third party publications). 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. Today as we celebrate, we are pleased to see the development in the non-banking financial activities over the previous ten years, where Egypt’s capital market showed a considerable growth in the value of securities issues (founders’ and capital-increase shares), which recorded over EGP 1 trillion. 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. FRA also joined the Mediterranean Partnership of Securities Regulators in 2009 and was elected as the president for the period 2018–2020. Box 3365, Mbabane, H100, Eswatini. These complaints included 15,798 for mobile phone, 25,548 fixed internet, 11,939 for fixed phones, and 1,278 for mobile devices. On the other hand, FRA fulfilled its pledge to include sustainability in its strategy. All Rights Reserved. The Financial Regulatory Authority announced Sunday the launch of the "Digital Financial Inclusion 2021" This initiative comes within the framework of facilitating the compliance of microenterprise finance agencies and their project owners to comply with the requirements of Law No. Medicines Regulatory Authority. 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. Moreover, loans granted to microfinance beneficiaries hiked to around EGP 15 billion, as opposed to EGP 4.5 billion in 2016. The non-banking financial sector’s regulator recently created a new independent sustainability department, in addition to holding meetings with FRA’s employees to spread the knowledge about the concept of sustainability and shed the light on its principles, goals, and plans for its applications. ... Email Address . FRA also issued its first sustainability report to become the-first-of-its-kind issued by a public authority in Egypt. Memoranda of Understanding. The financial reporting framework in Egypt is established under the Companies Law No. Email: fsra@govt.lc Tel: (758) 468-2990 Fax: (758) 451-7655 6th Floor Francis Compton Building Waterfront, Castries St. Lucia W.I. 95 of 1992.. Accounting Framework. Al Saidy Tobacco's Chairman and CEO, Hamada El-Far expressed his excitement about the deal. 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. We are always with you Do not hesitate to contact us. Sstainable Insurance Forum JURISDICTION: EGYPT AUTHORITY: FINANCIAL REGULATORY AUTHORITY (FRA) Background The Financial Regulatory Authority (FRA) was established by Law no. 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 announces that a public auction will be held to sell or lease premises owned by the Authority, these which are located at B137 building in Smart Village , Al-Bahr Al-Azham Street in front of the Pharaonic Village (first floor after the ground) and Emad Eldeen St. ( second and fourth floor). As gratitude is the sign of noble souls, appreciation is extended to our predecessors, those who paved the way for us, and to each colleague at various levels, who exerted strenuous efforts in the previous years to be where we are now. CIMA is the authority to issue and redeem the Cayman Islands currency and plays an advisory and regulatory role. All rights reserved to  Financial Regulatory Authority ©2019. 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. Administrator's name or contact person E-mail info@eda.mohp.gov.eg . 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. Quickly uncover hidden opportunities with comprehensive data and content. We had to unify human and material resources, the supervisory systems, and data and information infrastructure of three different authorities. 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. 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