Aggregated News From Investment Management Regulators

Within seven months of 2020: Establishing eight new companies to operate in capital market and granting license for 37 existing companies to practice additional activities – Sunday 9/8/2020

Report/Flag

Please complete the required fields.



• Dr. Omran: Four licenses were granted to practice consumer finance activity and 114 approvals to open new branches of microfinance companies

Dr. Mohammed Omran – FRA’s Chairman emphasized that investment institutions trust the Egyptian economy, adding that three global credit rating agencies (Standard & Poor’s, Moody’s and Fitch) praised the performance of the Egyptian economy after a difficult period in the global economy in light of the Corona pandemic. He pointed out that during the first seven months of the current year; eight new companies were established to operate in accordance with the provisions of the Capital Market Law promulgated by Law No. 95 of 1992 and its amendments.  In addition, four companies were established to participate in establishing companies issuing securities, another company was established to be engaged in funds’ activity namely, Misr Real Estate Investment Development Fund Company. Also, another company was established and licensed to practice venture capital activity.  Besides, another company licensed to practice securities brokerage, in addition to one holding company licensed to practice portfolio management and formation, venture capital and funds’ management.

Dr. Mohammed Omran – FRA’s Chairman emphasized  that during the first seven months of 2020, 16 existing companies obtained licenses to engage in additional activities in the capital market. That number included six companies licensed to practice financial advisory services without carrying out financial evaluation or preparing fair value studies, in addition to five companies licensed to engage in additional activity represented in participating in the establishment of companies that issue securities or increase their capital and one company to practice bonds’ brokerage.

FRA’s Chairman noted that one company had obtained a license to practice securitization activity last February and another one had obtained the license to practice the funds’ activity by the end of April 2020. That is besides another company that was licensed to practice portfolio formation and management activity. Also, a holding company was licensed to practice securities underwriting activities, portfolios management, funds’ management and venture capital.

In addition, two companies obtained a license from the Authority to engage in receiving subscription in funds’ certificates  in accordance with the provisions of Law No. 95 of 1992 and FRA’s BOD decision  No. 33 of 2018. On the other hand, four companies licensed to engage in receiving and implementing purchasing operations in accordance with FRA’s Chairman Decision No. 1619 of 2019.

Dr. Omran notes that the non-banking financial services sector is still attracting investments in all activities in addition to capital market activity. He adds that although the number of insurance companies operating in the Egyptian market has reached 39 insurance companies that engage in insurance activities (property and responsibilities and life insurance ), the Authority has licensed two new companies to be engaged in  property insurance in accordance with the provisions of Law No. 10 of 1981. In addition, three new companies are licensed to engage in insurance brokerage activities, closing the door to grant new licenses in insurance brokerage firms through a decision by the Authority’s Board of Directors.

With regard to financing activities, two companies were granted a license to practice financial leasing activity in accordance with the provisions of Law No. 176 of 2018, in addition to six companies that obtained a license to practice factoring or add it to its  activity. Moreover, four companies obtained a license from the Authority to practice consumer finance activity in accordance with the provisions of Law No. 18 of 2020 namely, Contact Consumer Finance Company in addition to other consumer finance service providers like Aman for Financial Services, Raya Electronics and Mansour Cars.

 On the other hand, eight microfinance companies were granted approval to open 114 branches in various governorates of the Republic, including 42 branches of Tasheel Microfinance Company.
 

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

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

RichmondSuper

Attention! The FMA warns investors against concluding transactions with: RichmondSuper https://www.richmondsuper.com (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China www.hardson.com This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Get the latest from Regulatory.News in your inbox!

×