Financial Regulatory Authority

The Financial Regulatory Authority (Egyptian Arabic: الهيئه العامه للرقابه الماليه) is a financial regulatory authority that regulates the financial service industry in Egypt. It is an Egyptian Government integrated agency that supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing and factoring.

This article is about a specific regulator in Egypt. For general financial regulators, see list of financial regulatory authorities by country.
Financial Regulatory Authority
الهيئه العامه للرقابه الماليه
Agency overview
FormedJuly 2009 (2009 -07)
Superseding agency
  • Capital Market Authority
JurisdictionEgypt
HeadquartersEgypt Cairo, Egypt
Agency executive
  • Dr. Mohamed Farid Saleh, Chairman
Websitefra.gov.eg

History

With the passing of Law no. 10, 2009, issued on February 25, 2009, the agency was established and became operationally effective on July 1, 2009. It replaced three major regulating authorities: the Capital Market Authority, the Insurance Supervisory Authority, and the Mortgage Finance Authority. This unification was intended to foster Egypt's financial sector.[1]

Establishing the new authority is part of at a series of reforms aimed to strengthen the stability and security of the non-banking financial sector in Egypt and its interoperability with the banking sector. This move came against a backdrop of the global economic and financial crisis of 2007–2010 which highlighted the need for integrity and transparency in financial markets.

Ashraf El-Sharkawy headed the authority after the January 2011 uprising.[2]

The agency was known as the Egyptian Financial Supervisory Authority (EFSA) in English until Nov 2017 when it was rebranded in English only as the Financial Regulatory Authority.[3]

Responsibilities and structure

The Financial Regulatory Authority supervises all non-banking financial transactions and markets including importantly capital markets, derivative markets on financial assets and commodities, insurance contracts and services, mortgage finance, financial leasing, factoring, and securitization.

The agency is an ordinary member of the International Organization of Securities Commissions (IOSCO). Both Cairo and Alexandria Stock Exchanges (CASE), as well as Misr Company for Central Clearing, Depository & Registry (MCDR), have a membership of the IOSCO too, but they are affiliate members.

The headquarters is located in Smart Village.

See also

References
  1. Nawar, Abdel-Hameed (2009). "The Legal System and Economic Efficiency in Egypt". Cairo University, manuscript. July. 15, 2009.
  2. "Who's who: Meet Egypt's 10 new ministers in Sherif Ismail's cabinet". Ahram Online. March 23, 2016.
  3. "EFSA becomes FRA". Enterprise press. November 6, 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.