الهيئة العامة للرقابة المالية

• Approvals issued for Olive Holding, Tharaa Insurance Brokerage, Taqa Financial Investments, Fawry Holding, Beltone, and Emirates NBD

FRA’s Incorporation and Licensing Committee grants license to six entities to operate in non-banking financial activities. These activities include participating in company incorporations and capital increase, insurance brokerage, bond trading and brokerage, and the promotion and underwriting of securities.

The Committee granted Olive Egypt Holding, Taqa Financial Investments, and Fawry Holding licenses to participate in company incorporations and capital increase.

Additionally, Tharaa received a license for insurance brokerage, while Beltone Securities Brokerage was licensed to conduct bond trading and brokerage. Furthermore, the Committee approved Emirates NBD to operate in the promotion and underwriting of securities.

In accordance with FRA Chairman Decree No. 3060 of 2023, Incorporation and Licensing Committee serves as the competent body responsible for approving the incorporation and licensing of companies operating within the non-banking financial sector.

The Committee’s jurisdiction extends to ratifying amendments to company’s statutes and endorsing employee incentive and motivation schemes. Beyond corporate governance, it serves a critical supervisory function by advising on the suspension of General Assembly resolutions within the securities and consumer finance sectors.

Beyond initial licensing, the Committee reviews requests to add new financial services or business mechanisms. It also manages the process for securities and consumer finance companies when they switch from one legal framework to another.

Furthermore, the Committee oversees the full operational lifecycle of regulated firms – from authorizing branch networks to managing liquidations, activity suspensions, and the professional registration of founding agents.

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