Dr. Mohammed Omran – FRA’s Chairman reveals that FRA’s Board approves an amendment to the Advisory Committees which include specialists and experts in non-banking financial activities. These committees are established to provide advice for the development of non-banking financial instruments and markets, in addition to developing the Authority’s work systems and improving its competitiveness regionally and globally.
Dr. Omran emphasizes that the Authority’s continuous communication with markets under its supervision is one of FRA’s priorities. He adds that FRA’s role is not limited to supervision and regulation only, but rather focusing its efforts towards establishing continuous communication with market parties to interact with the course of affairs, ambitions and suggestions to overcome any obstacles facing non-banking financial activities. Among those communication channels are Advisory Committees that are formed in accordance with Article No. 13 of the Authority’s statute issued by Republican Decree No. 192 of 1992, which stipulates that the Authority shall have Advisory Committees of specialists and experts in non-banking financial markets.
Dr. Omran adds that FRA’s BOD decision No. 182 of 2020 – issued last November – has amended some of the Advisory Committees that are in operation until October 2021. The said decision seeks to inject new blood into these committees to benefit from recent experiences that are able to meet the work needs throughout the rest of the timeframe set for implementing FRA’s comprehensive strategy for non-banking financial activities (2018-2022). On the other hand, the issuance of Law No. (18) of 2020 regulating consumer finance activity last March had an impact on the creation of an Advisory Committee for consumer finance activity. That is in addition to the issuance of Law No. 201 of 2020 on amending Microfinance Law to include SMEs financing, which requires an amendment to be made to the formation of Microfinance Advisory Committee.
FRA’s Chairman stresses that independency, competence, experience and diversity shall be taken in consideration upon selecting members of Advisory Committees.
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Financial Regulatory Authority (fra.gov.eg)
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