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A Statement by the Authority regarding the supervision of the Central Auditing Organization (CAO) on companies in which the State , other public legal persons , public sector companies, or public sector banks contribute in its capital by not less than (25%)

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Within the framework of FRA’s keenness to play its role  on regulating non-banking financial markets and applying the provisions of the laws  in order to ensure competition and transparency, which reflects on raising the efficiency of non-banking financial sector.

And based on the provisions of the Egyptian Constitution which gives the authority to the Central Auditing Organization – as one of the independent bodies- to supervise State and public legal persons’ funds,
 And that the supervision exercised by the Central Auditing Organization (CAO) under Law No. 144 of 1988 is extended to companies in which the State , other public legal persons , public sector companies, or public sector banks contribute in its capital by not less than (25%) whether directly or indirectly,

FRA calls upon all companies operating in the field of non-banking financial activities under its supervision to enable the Central Auditing Organization (CAO) to enforce its control in accordance with the said law whenever the public funds contribute in its capital directly or indirectly.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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