Judge / Khaled El Nashar – FRA’s Deputy Chairman revealed that FRA participates in the World Investor Week 2018 that is launched by the International Organization of Securities Commissions (IOSCO) for the second time after the initiative has achieved positive results in enhancing investor awareness and protection last year.
The World Investor Week 2018 includes many activities held by IOSCO members in more than 80 countries in order to increase investor awareness and protection through launching investor-focused communication and services, enhancing competition activities to raise investor awareness initiatives and organizing workshops and conferences.
Judge / El Nashar noted that the IOSCO – established in 1983 – is the most important organization that established the bases and rules of the financial markets that each country seeks to adhere to in order to ensure the fairness, transparency and efficiency of markets and risks associated with them. It includes in its membership about 95% of the world’s financial markets, represented by about 120 regulatory and supervisory Bodies as well as membership of a number of international and regional financial organizations. He added that Egypt is a signatory to the multilateral memorandum of understanding adopted by the IOSCO. The said MOU is considered as a framework for international cooperation in the exchange of information related to combating securities laws violations, and how to consult, cooperate and exchange information in order to tighten controls on Stock Markets.
It is worth mentioning that Egypt was elected for the first time to the IOSCO Board 2014-2016 and was re-elected in May 2017 for a new term. In May 2018, Egypt was elected to the IOSCO Board for the term 2018-2020 and this was the third time in a row that the Authority has retained its seat on the IOSCO Board.
In a related context, the Financial Services Institute (FSI) – affiliate of the Financial Regulatory Authority (FRA) – held a training workshop on factoring as a financing tool for companies and small and medium enterprises in cooperation with Factors Chain International (FCI). The workshop was attended by employees of factoring, financial leasing, mortgage finance companies and banks from different levels of senior and middle management.
The workshop highlighted the new Egyptian Factoring Law No. 176 of 2018 issued in mid-August, as well as several decisions issued by FRA – the regulator – who regulates this important industry. FRA seeks to increase the volume of factoring activity as a non-banking financing tool to support micro, small and medium sized enterprises (M/SMEs) which will consequently increase the growth rate of Egypt’s economy.
Dr. Shahinaz Rashad – Executive Director FSI confirmed that this event is one of the most important results of the cooperation agreement between Factors Chain International (FCI) and the Financial Services Institute (FSI). She added that the event provides training of cadres in the sector and qualifying them to obtain license through the CPDs system, which includes three levels Foundations Level – Advanced Level – Intermediate Level to conform to the functional hierarchy applied to these companies.