Aggregated News From Investment Management Regulators

FRA’s Board approves the executive regulations for practicing factoring and governance rules for companies licensed to practice financial leasing and factoring

Report/Flag

Please complete the required fields.



In a step to activate  Law no. 176 of 2018 on regulating  financial leasing and factoring , Dr. Mohammed Omran – FRA’s Chairman issued FRA’s BOD decision no. 163 of 2018 on  the executive regulations for practicing factoring and decision  no. 164 of 2018 on governance rules for companies licensed to practice  financial leasing and factoring.

Dr. Omran emphasized that decision no. 163 of 2018 included all the executive regulations set for practicing factoring in terms of its fields and the services offered to the sellers of financial rights such as guarantee, consultations and collection of rights. The said decision includes the conditions that must be met in the debt, disclosure rules related to factored rights, transfer of rights and ways of being notified by these rights.

FRA’s Chairman stated that the decision included requirements of practicing factoring and insurance against payment risks as well as mechanisms of selling factoring portfolio.

Dr. Omran added that FRA’s BOD is seeking protection and striking balance among parties engaged in financial leasing and factoring. He emphasized that in order to ensure effective control over the performance of companies engaged in these activities and to achieve the principle of equality, transparency and combating corruption, FRA’s BOD issued decision no. 164 of 2018, including governance rules for companies licensed to practice the two activities.
 

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

Taxonomy Article 8: The AMF informs issuers about the phased application of reporting requirements

Companies subject to the new reporting obligations The requirement to deliver sustainability indicators under Article 8 of the Taxonomy Regulation will apply, as of 01/01/2022, to companies subject t

IIROC Re-elects five Board Directors

View the Press Release from the Investment Industry Regulatory Organization of Canada (IIROC CA) here: Source link

DLG Bonds / Direct Line Group PLC (Clone of FCA authorised firms and UK registered companies)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Certification Examination Results for August 2021

See the Details published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Get the latest from Regulatory.News in your inbox!

×