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.