الهيئة العامة للرقابة المالية

• A milestone experience-sharing agreement between the two bodies representing Egypt at the helm of the world’s highest international regulatory organizations: IOSCO and INTOSAI.

Dr. Islam Azzam – FRA Chairman:

• The MoU establishes a permanent coordination framework to elevate regulatory efficiency and drive Egyptian economic competitiveness.
• Cooperation will be driven by joint consultative committees, capacity-building programs and aligned Egyptian stances in international forums.

Counselor Mohamed El-Faisal – President of the Accountability State Authority:

• We closely observe international auditing standards, placing governance principles at the forefront of our shared objectives.
• This partnership will boost the impact of Egypt’s global presence and significantly advance professional practices.Dr. Islam Azzam, FRA Chairman and Counselor Mohamed El-Faisal Youssef, President of the Accountability State Authority (ASA), have signed a Memorandum of Understanding (MoU) to bolster institutional cooperation in regulatory, supervisory and technical fields. This partnership aims to elevate the efficiency of the oversight ecosystem and develop non-banking financial markets in line with corporate governance and transparency principles. The agreement aligns with the state’s directive to maximize integration among its institutions, support economic development and achieve the objectives of Egypt Vision 2030.

The signing comes at a pivotal moment, as both entities currently represent Egypt at the helm of the world’s most prestigious international regulatory bodies. Egypt, represented by the ASA, holds the presidency of the International Organization of Supreme Audit Institutions (INTOSAI). Concurrently, FRA chairs the Growth and Emerging Markets Committee (GEMC) of the International Organization of Securities Commissions (IOSCO) and serves as the Vice Chair of the IOSCO Board. This dual global leadership enhances the projection of Egypt’s regulatory vision among peer authorities and deepens coordination on issues of global interest.

Dr. Islam Azzam emphasized that this cooperation extends FRA’s ongoing coordination efforts with state institutions, rooted in the constitutional and regulatory mandates of both the Authority and the ASA. He noted that FRA plays a pivotal role in regulating and developing non-banking financial activities by building a modern legislative and regulatory framework. This framework has driven market growth, expanded financial inclusion and bolstered the capacity of financial institutions to support the national economy.

FRA Chairman highlighted FRA’s active participation over recent years in developing the legislative landscape governing the non-banking financial sector. The Authority has issued the necessary executive and regulatory decisions to implement these laws in a manner that fosters innovation, expands the financial inclusion beneficiary base, and safeguards the rights of market participants.

He explained that immediately following the signing, FRA will begin activating the agreed-upon cooperation mechanisms. This will include holding regular coordination meetings, forming joint working groups, consulting on legislative and regulatory developments, implementing capacity-building programs, collaborating on forward-looking risk assessment studies and aligning Egyptian stances in international forums.

Dr. Islam Azzam added that FRA maintains a firm policy of transforming MoUs and cooperation protocols into actionable and measurable work programs that deliver tangible value to the markets and institutions under its supervision. He noted that collaborating with the ASA is a practical step toward cementing an advanced model of integration between Egyptian regulatory bodies, particularly given their strong leadership positions in major international organizations.

For his part, Counselor Mohamed El-Faisal Youssef, President of the Accountability State Authority, stated that this cooperation marks the beginning of extensive activities and comprehensive, strategic institutional coordination between the two sides to serve the state’s highest interests, match its future aspirations and protect the national economy.

He added that in exercising its mandates, the ASA closely observes international auditing standards to keep pace with rapid technological and accounting advancements. He stressed the importance of international integration between the two sides within INTOSAI and IOSCO to solidify Egypt’s impactful global presence, foster mutual knowledge sharing and cooperate in drafting proactive visions that enhance the resilience of regulatory institutions.

Furthermore, he emphasized that the anticipated close cooperation will positively reflect on the efficiency of professional practices, early detection of risks and threats, and regulatory precision to safeguard economic stability. It will also maximize benefits derived from exchanging national expertise and global best practices to build capacities and enhance institutional readiness.

The MoU establishes an institutional mechanism for continuous coordination through the exchange of expertise and technical knowledge, consultation on legislative and regulatory updates, capacity building and forward-looking risk assessment studies. It also covers coordination in relevant international forums to facilitate the transfer of global best practices to the Egyptian market, contributing to the development of supervisory and oversight tools in accordance with international standards.

The memorandum mandates holding periodic meetings and forming joint technical committees and working groups to study matters of mutual interest. It outlines cooperation in the fields of corporate governance, risk management, compliance, promoting integrity and transparency, and protecting the rights of market participants, while strictly maintaining the confidentiality of exchanged information in accordance with the legal frameworks governing both entities.