Aggregated News From Investment Management Regulators

Egypt

FRA reiterates warning against cryptocurrency risks

• Dr. Omran: Cryptocurrency traders are subjected to fraud and there is no legal framework that regulates these currencies FRA warns investors against dangers of participating in Initial Coin Offering (ICO) and risks of virtual cryptocurrencies and related transactions in light of the fact that they are not subjected to any regulatory body in Egypt. These currencies constitute a fraud on the official monetary system and the related laws and legislations. The Authority do not license or codify those digital currencies or any related products and do not allow dealing or using them. In addition, FRA considers that the calls to...

FRA Launches new Master?s program in International Finance in cooperation with the Spanish Institute of Stock Market Studies (IEB) for the first time in...

Dr. Mohamed Omran - FRA Chairman inaugurated Master’s program in International Finance offered by Financial Services Institute (FSI) - FRA’s training arm - in partnership with the Spanish Institute of Stock Market Studies (IEB). The Madrid Stock Exchange accredits this Master’s degree. It has been ranked #1 among the master's programs in Spain in 2019 and 2020, respectively. Dr. Omran says that economic ambitions have always been the impetus behind introducing new non-banking financial instruments in the Egyptian market aiming at achieving diversification in the traded financial instruments and their derivatives in a way that attracts more investments into the...

In response to FRA?s Initiative: Reducing credit inquiry fees for consumer finance by up to 75%

Dr. Islam Azzam – FRA Deputy Chairman reveals the details of the Authority’s initiative. He emphasizes that this initiative aims at increasing the purchasing power of the community. Successive meetings were held with officials of the Egyptian Credit Bureau (I-Score) to agree on setting up a specific mechanism to reduce the financial burdens borne by the companies. Dr. Azzam praised the Egyptian Credit Bureau (I-Score) speedy response to FRA’s initiative and its directive to support and urge consumer finance entities to participate in its services. I-Score’s response implements the provisions of Article 113 of the Central Bank of Egypt Law...

Providing Egyptians with insurance coverage upon travelling abroad

Within the framework of Egypt’s keenness to protect Egyptian citizens from various dangers that they may be exposed to while travelling abroad, FRA has coordinated with the Ministry of Interior to ensure that Egyptians can access immediate assistance whilst travelling abroad in cases of accidents, emergencies, or illness. The insurance coverage will be granted to more than 20 million Egyptians whose trips do not exceed 90 consecutive days. The limit of insurance coverage is €30,000 or its equivalent in other currencies, the first €100 being allocated to medical expenses and hospitalization costs. In case of death, insurance covers the costs...

Providing a training program on risk management, crisis early warning and risk-based supervision in cooperation with the German Agency for International Cooperation (GIZ

• Dr. Omran:  Analyzing the situation and assessing the repercussions wisely needs continuous training • Dr. Omran: FRA has the ability to issue procedures, controls and initiatives to maintain the stability and integrity of non-banking financial markets in Egypt and minimize the potential impact of crises • Dr. Omran: FRA sets number of measures, controls and initiatives to preserve the stability and integrity of the non-banking financial markets in Egypt Dr. Omran – FRA’s Chairman inaugurates risk management training program presented by the Frankfurt School of Finance and Management to FRA’s staff who supervise and monitor non-banking financial activities. The training program...

Results of Investor Protection Fund Elections

To review election results (click here) This news item was originally published by the Finance Regulatory Authority (FRA EG). For more information, please see the Source Link.

FRA presents a new legislative amendment to introduce future flow securitization for government entities and private sector companies

• Dr. Omran: Future flow securitization will provide necessary funding for government –backed infrastructure projects • Dr. Omran: Future flow securitization provides financing to housing, electricity, gas, water, road and bridges sectors ,transportation whether by land, sea, or air, subway and railways to complete the projects Dr. Mohamed Omran – FRA Chairman revealed that the Board of Directors approved a draft amendment to some provisions of Capital Market Law No. 95 of 1992 and sent it to the competent authorities. The new amendments aimed at presenting future flow securitization, as a non-traditional alternative that provide necessary financing for entities responsible for ...

Final Lists of candidates for Investor Protection Fund Elections

The committee formed by FRA’s Chairman decision no. (589) of 2021 has the honor to announce the final lists of candidates for investor protection fund elections (2021-2024) To review the final lists (click here) This news item was originally published by the Finance Regulatory Authority (FRA EG). For more information, please see the Source Link.

Announcement regarding Investor Protection Fund Elections

  To review the announcement (click here) This news item was originally published by the Finance Regulatory Authority (FRA EG). For more information, please see the Source Link.

FRA Chairman has been elected as Vice Chair of the IOSCO Board and Chair of the Growth and Emerging Markets Committee (GEMC)

In a new international  appreciation for the Egyptian state and its achievements at all levels, and the role it plays at the regional and international levels under the leadership of President Abdel Fattah El-Sisi, Dr. Mohamed Omran -  FRA Chairman has been elected as Vice Chair of the IOSCO Board and Chair of the Growth and Emerging Markets Committee (GEMC). It worth noting that the other candidate in the election was from Brazil and 91 member states voted in this election. Egypt becomes Vice-Chair of the IOSCO Board for the first time in the 130-year history of the Egyptian capital...

Extending the deadline set for submitting the financial statements of listed companies and companies under FRA?s supervision for a month

In line with the precautionary measures taken by the Egyptian state and in order to facilitate those operating in the non-banking financial activities, Dr. Omran announces that FRA’s  BOD decides to extend the deadline set for submitting the financial statements of listed companies and companies under FRA’s supervision for the period ended 31 March 2021 until 15 June 2021. FRA’s Chairman stated that decision no.67 of 2021 issued on 6 May 2021 shall be published in the Egyptian Gazette and on the website of Authority and the Egyptian Exchange. The decision shall enter into force on the day following its...

FRA Deputy Chairman discusses ways to develop MSMEs finance

Dr. Islam Azzam – FRA Deputy Chairman held an online meeting with members of the Advisory Committee and the Board of Directors of MSMEs Finance Federation. The meeting discussed ways to overcome obstacles facing MSMEs finance and presented proposals to develop the activity. This comes in light of the importance of these enterprises for the Egyptian state and the fact that 3.1 million citizens benefiting from it. Supporting such enterprises financially is in line with the goals of economic development and social justice in accordance with Egypt Vision 2030. This meeting comes within the context of the periodic meetings...

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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