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An Agreement Signed between EFSA and GAFI to Enhance Cooperation and Supervision over Companies

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• Sherif Samy: Facilitating procedures and exchange of information with the General Authority for Investment and Free Zones (GAFI) is in the interests of all companies

 Sherif Samy – EFSA’s Chairman stressed on the importance of enhancing relations with the General Authority for Investment and Free Zones (GAFI) in fields of establishing companies, capital increase and amending companies’ statutes, especially that the listed companies as well as insurance companies, and other financial activities are under the supervision of both Authorities.

In his speech during signing  a protocol to facilitate the procedures between the two Authorities under the auspices of Dr. Sahar Nasr –  Minister of Investment and International Cooperation, EFSA’s Chairman   emphasized that the agreement  increases  the terms of reference of EFSA’s Office at GAFI to end transactions related to shares of capital increase, and providing  programs , means and tools needed for the electronic link between both parties, in addition to exchanging  of the  draft laws to express an opinion on them.

He pointed out that the Minister of Investment and International Cooperation was keen to take those facilitating measures in the first days of assuming her functions, and this will no doubt has a positive reflection on the performance of several economic sectors.  Also, EFSA’s Chairman appreciated the continuous coordination with Mohamed Khudair- Chairman of General Authority for Investment and Free Zones (GAFI). 

On the sidelines of the event , Sherif Samy pointed out EFSA is currently  notifying  GAFI -electronically- of  the decisions issued by EFSA to stop decisions issued by some  associations and decisions issued by  Grievances’  Committee , that is for companies established  according to the provisions of  Law of Investment Guarantees and Incentives  and  companies practicing activities stated in the provisions Capital Market Law. On the other hand, EFSA will receive – electronically – notifications from GAFI about all the decisions and actions taken in respect of the companies working in the field of non-banking financial activities.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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