الهيئة العامة للرقابة المالية

• FRA mandates professional licensure for 14 designated roles to ensure peak competence and technical proficiency across the sector.
• Licenses are valid for three years and renewable subject to ongoing regulatory compliance.
• Companies are required to formally define key roles, competencies, and mandates within their organizational structures
• FRA permits dual-role appointments for multi-licensed entities, allowing one individual to manage key functions across different business lines.
• A six-month grace period is granted for all companies to regularize their status and align with the new decree.

Financial Regulatory Authority (FRA) has enhanced licensing and compliance standards for key executive roles in the non-banking finance companies. This initiative is designed to fortify corporate governance, ensure technical leadership excellence, and bolster the overall competitiveness and service quality of financial institutions.

Issued on February 9, 2026, Decree No. 45 was approved by the Board chaired by Dr. Mohamed Farid, preceding his transition to the Ministry of Investment and Foreign Trade. The measure is part of FRA’s broader mandate to refine the NBFS regulatory landscape, ensuring precise accountability and high-caliber leadership to drive transparency and trust in the financial markets.

The decree encompasses all Non-Banking Finance companies, mandating the inclusion of 14 specialized professional roles within their organizational structure. These key positions – tailored to specific business activities – comprise the Managing Director, CFO, and Managers for Internal Audit, Risk, Compliance, and Operations. The list also features critical oversight roles such as AML/CFT Officers, Regional Credit and Risk Officers, and Managers for Finance Branches, HR, IT, and Legal (real estate Finance).

To optimize operational efficiency, multi-licensed companies may appoint a single officer to oversee a key function across different business lines, pending FRA approval. However, if a company appoints a single Managing Director for multiple activities, it must appoint independent Executive Directors for each activity to maintain balanced oversight and supervisory effectiveness.

Applicants are required to maintain a status of exclusive engagement and must not have been subject to final judicial or disciplinary discharge. Furthermore, eligibility is contingent upon a clear three-year history, devoid of any professional strikes or disciplinary bans affecting their right to practice in non-banking financial activities.

Professional licenses are issued for a three-year term, renewable for subsequent periods contingent upon sustained compliance with all regulatory criteria. To ensure ongoing professional development, FRA may mandate that applicants complete specialized training courses or competency assessments as a prerequisite for renewal.

All licensed individuals are required to notify FRA within 15 days of any significant professional change. This includes new appointments, resignations (stating causes), inter-company transfers, or the disclosure of any criminal judgments rendered against them.

Companies shall maintain auditable records (digital or physical) for all licensed executives. These registers must track key data points, including licensure and renewal history, employment timelines, internal disciplinary measures, and any relevant criminal disclosures.

Vacancies in key roles must be reported immediately and filled within three months. While a search is underway, companies may appoint an interim officer with relevant expertise to ensure continuity of operations.

Additionally, companies must formally notify FRA of any executive vacancy, detailing the cause and the proposed recruitment strategy. For Managing Director vacancies, the Board must appoint an interim successor – either a Board member or a qualified external candidate – subject to FRA interview. A permanent appointment must be finalized within three months, though extensions may be granted upon submission of a valid regulatory justification.

Companies are now mandated to implement formal, Board-approved succession plans for all critical roles. Companies are granted a six-month transitional period to align their organizational structures with these new requirements. This decree enters into force immediately upon its publication in the Official Gazette.