Aggregated News From Investment Management Regulators

By FRA?s Chairman decision: Forming the Board of Trustees of an Arbitration Center for the Settlement of Non-Banking Financial Disputes – Tuesday 15/10/2019

Report/Flag

Please complete the required fields.



In a step towards activating an effective legal mechanism to consider and settle any dispute that arises among those dealing in non-banking financial activities,  Dr. Mohammed Omran – FRA’s  Chairman has issued decision No. 133 of 2019 on  forming  the Board of Trustees of  an Arbitration Center for the Settlement of Non-Banking Financial Disputes.

Dr. Omran emphasized that the Presidential Decree on establishing the Arbitration Center stipulated that the Center should be managed through a board of trustees composed of seven members, including four experts and specialists in the field of arbitration and dispute settlement. The Board of Trustees shall be responsible for the formulation of public policies and shall draw up the Center’s work plan. In addition, the Center shall adopt listing rules set for registering experts who may undertake mediation or dispute settlement.  Also, the Center shall adopt rules to avoid conflicts of interest for arbitrators, experts, administrators or employees operating in the Center. Moreover, it shall contribute to spreading awareness of the importance of arbitration and means of consensual settlement of disputes, especially in the field of non-banking financial activities, that’s through holding conferences, seminars, training courses and issuing bulletins and specialized publications.

It is worth mentioning that the Presidential Decree No. 335 of 2019 was issued by the middle of the current year to establish a center for arbitration and settlement of disputes arising from the application of the provisions of laws governing non-banking financial transactions. In addition, the Presidential Decree was issued to activate Article (10) of Law no. 10 of 2009 on Regulating Non-Banking Financial markets and Instruments.  The said Article included the establishment of a center for arbitration and settlement of disputes and allowed investors to resort to it if they agreed to settle disputes through arbitration. Such step enhances the right of investors to resort to mechanisms guaranteed by the law governing non-banking financial markets and characterized by efficiency, integrity and prompt settlement of disputes arising from service providers.

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

Remediation Helps Tech Company Avoid Penalties

SEC’s fraud case against Silicon Valley-based HeadSpin, Inc.’s former CEO is ongoing Washington D.C., Jan.

SuperiorCryptoTrade

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Berge and Associates LLC

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

SwiftCryptoLimited

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!

×