About FRA

FRA Board of Directors Functions and Powers were defined in accordance with Article Ten of Presidential Decree No. 193 of 2009 issuing FRA’s  Statute, including the following:

  • Developing the Authority’s general strategy and executive policies and monitoring their implementation.
  • Laying down the executive rules to regulate the activities under the Authority’s supervision and control.
  • Setting the rules of control and inspection of entities and individuals subjected to the Authority’s supervision.
  • Determining fees for the services provided by the Authority.
  • Approving the organizational structure of the authority, financial and administrative regulations and workers affairs without adhering to the regulations and systems in force in public and governmental bodies in this regard.
  • Setting rules for seeking the assistance of local and foreign expertise .
  • Approving the Authority’s financial budget and its financial statements. In addition to setting rules for investing the Authority’s funds.
  • Determining the categories of the development fee stipulated in Article 14 of Law No. 10 of 2009.

Expressing opinions on all draft laws, regulations and decisions related to the Authority’s competence in non-banking financial markets and instruments

Under Articles 215, 216, 217, 218, and 221 of the Constitution of the Arab Republic of Egypt, FRA is among four independent body by virtue of the constitution, namely; the Administrative Control Authority, the Central Bank, and the Central Auditing Organization.

The constitution also guarantees the FRA the public legal personality, impartiality, and independence in all financial, administrative and technical aspects, to ensure that it carries out its duties in controlling and regulating non-banking financial markets and instruments, namely: Capital Markets, Future Exchanges, Insurance, Mortgage Finance, Financial Leasing, Factoring and Securitization, microfinance and movable guarantees.  The constitution describes FRA as an independent regulatory Authority to distinguish it from other public Authorities

The Financial Regulatory Authority (FRA) is established in accordance to law  no.10 of 2009 to be responsible for supervising and regulating non-banking financial markets. This include but not limited to Capital Markets, Future Exchanges, Insurance, Mortgage Finance, Financial Leasing, Factoring and Securitization. Additionally, FRA regulate and supervise micro-finance activity. Upon the issuance of Law no.141 of 2014. Moreover, according to Law No. 115 of 2015 on regulating movable guarantees, FRA is administrative authority competent to implement the provisions of this Law.

 

The Board of Directors of the Financial Regulatory Authority is established pursuant to Article VIII of Presidential Decree No. 193 of 2009 promulgating the Statute of the Financial  Regulatory Authority under the chairmanship of its Chairman and membership of each of the following:

  • Vice-Chairpersons
  • Deputy Governor of the Central Bank of Egypt selected by the CBE Governor
  • Five experts’ members in economics, financial and legal fields nominated by Minister of Investment.

In accordance with Article IX of FRA Statute, the Board of Directors is the supreme authority that dominates its affairs, formulates and implements the policies necessary to achieve its objectives and goals. In this respect,  FRA’s board may take  final decisions as it deems necessary to exercise the Authority’s competencies without the need for their adoption by any administrative entity.

In accordance with article 12 of the Executive Regulations,  Board of Directors shall meet at least twice a month.

Pursuant to Article 4 of  the Presidential Decree  No. 193 of 2009 issuing the Statute of the Financial Regulatory Authority , including general framework for FRA, in particular the following:

 

  • Licensing non-banking financial activities.
  • Inspecting Non-Banking Financial Institutions
  • Supervising the provision and dissemination of information related to non-banking financial markets.
  • Supervising markets to Ensure competitions and transparency in Non-Banking Financial Sector
  • Protecting customers’ rights and achieving balance in non-banking financial markets.
  • Taking the necessary measures to limit manipulation and fraud in non-banking financial markets, taking into account the commercial risks involved in dealing with them.
  • Supervising the training of those operating in non-banking financial markets and raising their efficiency.
  • Cooperating and coordinating with other non-banking financial regulatory bodies abroad in order to develop its regulatory means and systems and enhance its efficiency and judgement.
  • Communication, cooperation and coordination with associations and organizations that organize the work of financial oversight bodies in the world, hence, raising the authority’s efficiency and competencies in accordance with international best practices.
  • Disseminating  financial literacy and investment awareness

 

Last modified: April 7, 2024

Comments are closed.

Close