Today we are celebrating a decade since the establishment of the Financial Regulatory Authority (FRA), an entity that united three supervisory authorities, the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Mortgage Finance Authority (MFA), into one supervisory body for Egyptâs non-banking financial sector. By the end of September 2019, movable collaterals increased to more than 33 thousands, with a total value of over EGP 500 billion since starting the operation of the Egyptian Collateral Registry in March 2018. In addition, Egypt has won the membership of the Executive Committee of the International Organization of Pension Supervisors (IOPS) for the period 2020-2021 for the third time in a row. 10 of 2009. With 19 offices and 3,600 employees deployed throughout the country, FINRA is dedicated to ensuring that our nation’s financial markets are fair and honest. The merger of the three supervisory authorities was a long and challenging mission. Quickly uncover hidden opportunities with comprehensive data and content. The board comprises FRA deputy chairperson Reda … Moreover, Africa Investor named FRA the âMost innovative Capital Markets Regulatorâ in the African Stock Markets in 2018, and its Chairman was awarded the most influential personality in African capital markets in 2017. EGYPT: Egypt’s Financial Regulatory Authority has formed a new board of trustees, chaired by FRA Chairman Mohamed Omran. 5th Floor Ingcamu Building, Mhlambanyatsi Road, P.O. About FRA | عربÙ. It also necessitated setting a regulatory and supervisory framework for several financial instruments, developing new instruments and activities, such as financial leasing, factoring, microfinance, and the Egyptian Collateral Registry, along with preparing for the launch of much-awaited activities including consumer finance, futures markets, and crowdfunding. Postal address 21 Abd El-Aziz Al Soud Street, EL-Manial, Cairo, Egypt We look forward to achieving more, as great aspirations are futile if unbacked by greater endeavours. FRAâs Board of Directors has also embraced an inside-out approach to ensure success and sustainability starting with the development of HR and Workflow Structure and IT Infrastructure to Business Infrastructure. Email: info@svgfsa.com Telephone: (784) 456-2577 / (784) 457 2328 / (784) 485 6031 Looking back to those years, we remember the magnitude of the drastic turnarounds in the sector. RCSF also offers technical support and consultancy to investors and concerned governmental entities to accomplish sustainable development goals through raising awareness of sustainable finance, and launching e-platform highlighting developments in sustainable finance. 6th Floor Francis Compton Building Waterfront, Castries St. Lucia W.I. Also in September, Egypt’s financial regulatory authority approved a draft of laws to regulate Fintech in the non-banking financial sector. In addition, there are further work in the pipeline, including the Arbitration and Dispute Settlement Centre, micro-insurance, and accomplishing the sectorâs sustainability, and a lot more that have been integrated in our 2018â2022 Strategy. On the investorâs protection front, FRA amended a raft of laws and legislation, as well as issuing the first detailed guide to protect the non-banking financial sectorâs stakeholders. Have news to share? FRA has also engaged sustainability principles in its operation, investment, and management by turning sustainability into culture, daily practice, and one of the decision-making tools within non-banking financial institutions through ratcheting up sustainability standards in the sector. All Rights Reserved. This placed a further supervisory burden on FRA to maintain the stability of the non-banking financial sector, make it able to mitigate the severity of external jolts, and boost Egyptâs economic growth and sustainable development. Sponsored Links by DQ Promote. FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. Sayed Abdel-Fadil, Head of the Central Department for Finance at Egypt’s Financial Regulatory Authority (FRA) has revealed two potential Sukuk offerings to take place in the first quarter of 2021 (1Q 2021), according to local media reports. We had to unify human and material resources, the supervisory systems, and data and information infrastructure of three different authorities. The non-banking financial sectorâs regulator recently created a new independent sustainability department, in addition to holding meetings with FRAâs employees to spread the knowledge about the concept of sustainability and shed the light on its principles, goals, and plans for its applications. In accordance the Companies Law and the Capital Market Law, all companies must prepare annual financial statements following the financial reporting requirements specified by a decree of the Minister of Economy. About Egypt
Al Saidy Tobacco's Chairman and CEO, Hamada El-Far expressed his excitement about the deal. This was guided by the decisions issued by the Financial Regulatory Authority to increase the scope of disclosure, transparency, and the efficiency of regulatory framework for corporate governance, and minority shareholdersâ protection. The agreements to avoid double taxation and prevent tax evasion. ... Email Address . Meanwhile, insurance market has witnessed significant activity since the merger, where the sectorâs net investments reached EGP 102 billion in 2019, up from EGP 29 billion in 2009. We help manage the monetary affairs of the Cayman Islands. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates. SINGAPORE: Sabana REIT records gross revenue decline by 5.5% to SG$37.4 million (US$28.29 million) for second half of 2020. 12 Endeavour Square. 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