الهيئة العامة للرقابة المالية

FRA Extends Financial Reporting Deadline for Insurance Sector to June 15  –  Wednesday 13 May 2026

FRA Board of Directors chaired by Dr. Islam Azzam has issued a resolution extending the deadline for insurance companies and insurance pools to file their periodic financial statements (for the period ending March 31, 2026) until June 15, 2026.

Resolution No. 97 of 2026 stipulates that the deadline for submitting periodic financial statements, along with accompanying disclosures and auditor reports for the period ending March 31, 2026, has been rescheduled to no later than June 15, 2026.

This move is part of the Authority’s ongoing efforts to streamline operations for the insurance sector. It aims to provide companies with sufficient time to prepare their financial statements, disclosures, and audit reports in full compliance with the Unified Insurance Law No. 155 of 2024 and FRA’s subsequent regulatory frameworks.

Prior to this resolution, FRA Board issued Resolution No. 82 of 2026, granting insurance entities an extension to present their annual financial statements for the fiscal year ending December 31, 2025, to their respective General Assemblies. This extension which encompasses all accompanying disclosures, audit reports and board of directors’ reports remains effective until May 15, 2026.

It is worth noting that FRA has recently finalized the comprehensive regulatory framework for the insurance sector—covering companies, funds, pools, and professional services—to ensure the robust implementation of the Unified Insurance Law. Furthermore, FRA Chairman Dr. Islam Azzam has spearheaded a series of community dialogues with stakeholders across the insurance industry, introducing policies designed to bolster market efficiency, social protection, financial sustainability, and economic inclusion.

FRA Chairman to Leasing and Factoring Firms: New Integrated Digital Platform to Link All Non-Banking Financial Sectors – Tuesday 12 May 2026

Islam Azzam:

• FRA is identifying unconventional integration strategies and designing incentives to accelerate growth within green economy.
• FRA schedules upcoming awareness sessions on Basel III standards and welcomes industry proposals for regulatory development.

Dr. Islam Azzam, FRA Chairman reaffirmed his commitment to the rapid deployment of an advanced and integrated electronic system. This system aims to link FRA with all regulated sectors and market participants, providing real-time, reliable data and regulatory updates. The platform is designed to empower the Authority and market stakeholders with advanced AI-driven data analytics and will feature a dedicated chatbot to streamline licensing, registration procedures, and institutions inquiries.

This announcement came during an extensive meeting held by the Chairman with Leasing and Factoring Federations, alongside representatives from over 80 companies. The session was attended by Mr. Walid Anwar, Assistant Chairman for Non-Banking Finance, and Mr. Hamdy  Badawy, Assistant Chairman for Anti-Money Laundering and Counter-Terrorism Financing. The gathering is part of a series of dialogues organized by FRA to engage with various sectors, consult stakeholder, and address practical challenges arising from the implementation of new legislative and regulatory frameworks.

Dr. Azzam underscored the leasing sector’s robust performance, noting a 21.7% increase in contract volume compared to 2024. Total contract value surged by 51% to reach EGP 180 billion. The real estate segment – including both units and land – remained the primary driver, accounting for nearly 80% of the sector’s total value for the year.

FRA Chairman also highlighted a significant surge in factoring indicators for 2025. Outstanding portfolios rose by 57% over the previous year, while the client base – specifically assignors – expanded by nearly 30%. Furthermore, the total value of factored receivables reached 77.3%, surpassing EGP 132 billion.

Emphasizing the importance of collaboration, Dr. Azzam urged the Leasing and Factoring Federations to intensify joint efforts with the Authority to revitalize sectoral performance. He confirmed that FRA’s specialized departments remain ready to address inquiries and complaints around the clock through the direct communication channels established in recent years.

Furthermore, FRA Chairman revealed that the Authority is currently studying non-traditional solutions and innovative strategies to ensure seamless integration between the sectors under its supervision including capital markets, insurance, and various financing activities. The goal is to support high-need sectors and mitigate potential risks, while simultaneously exploring new incentives specifically tailored for green economy.

In closing, Dr. Islam Azzam called on companies’ representatives to accelerate the adoption of “Basel III” solvency standards. He emphasized that these standards represent global best practices for the supervision of non-banking financial activities, bolstering risk management and ensuring the integrity of financial positions.

He reaffirmed that FRA will host specialized workshops and awareness seminars to address challenges encountered during the practical implementation of ‘Basel III’ solvency standards, ahead of their mandatory adoption on January 1, 2027.

He emphasized that community dialogue remains a top priority, noting that FRA is open to discuss substantive proposals for regulatory amendments in response to economic shifts and practical implementation challenges. This approach includes seeking input from key stakeholders before issuing new frameworks to  bolster market integrity and maximize investor confidence

For his part, Mr. Walid Anwar, Assistant Chairman for Non-Banking Finance, stressed the importance of digital documentation for data and operations. He noted that such measures bolster operational efficiency and service delivery while sharpening the accuracy of inspections to protect the market from irregular practices. He further highlighted the recently launched electronic system for factoring, which – in its first phase- enables digital inquiries into invoices to verify prior funding status, in accordance with Board Resolution No. 51 of 2026.

Meanwhile, Mr. Hamdy Badawy, Assistant Chairman for Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT), underscored the necessity for all leasing and factoring firms to adhere strictly to AML/CFT regulations. He stated that the cornerstone of these efforts is information sharing, identifying potential criminal patterns, and maintaining up-to-date data. He urged all sectors to expedite the implementation of Board resolutions in this regard, particularly Resolution No. 161 of 2024, which applies to Egyptian exchanges, financial institutions, and licensed practitioners within the non-banking financial sector.

Dr. Islam Azzam Chairs IOSCO’s GEMC Meetings – Tuesday 12 May 2026

FRA Chairman:

• Developing the Committee’s activities to meet the evolving needs of emerging markets while strengthening investor protection.
• Knowledge sharing and institutional capacity building remain fundamental for developing emerging markets.
• Interest rate, refinancing, and AI-driven risks have an amplified impact on less mature markets.
• Cross-border cooperation is a vital tool for addressing different challenges.

 Dr. Islam Azzam, Chairman of the Financial Regulatory Authority and Chair of the IOSCO’s Growth and Emerging Markets Committee (GEMC) presided over the Committee’s first virtual plenary meeting of 2026. The session witnessed broad participation from Committee members, representatives of regulatory bodies, and Capital Market Authorities across developing and emerging countries. The meeting underscores the Committee’s pivotal role in driving market development and fostering international cooperation among regulatory bodies.

As the largest Committee within IOSCO, the GEMC represents over 75% of the organization’s membership, including 90 full members and 24 non-voting associate members. Its reach spans the world’s fastest-growing economies and 10 G20 nations. As the preeminent global standard-setter, IOSCO defines the frameworks for market fairness, transparency, and efficiency – standards now adopted by approximately 95% of the world’s securities regulators.

Dr. Azzam opened the meeting by welcoming Committee members and expressing his gratitude for the support following his election as GEMC Chair in March 2026. His tenure covers the remainder of the 2024–2026 term as well as the upcoming 2026–2028 cycle. He reaffirmed his commitment to strengthening the Committee’s influence and expanding the support provided to its 117 members, solidifying its position as a cornerstone of IOSCO and a primary advocate for emerging market interests on the global stage.

• A Global Platform for Expertise and Policy Formulation

 In his keynote address, FRA Chairman underscored the GEMC’s role as a vital global platform for exchanging regulatory expertise and addressing high-priority issues for emerging economies. He highlighted the strategic significance of the chairmanship, noting that the GEMC Chair concurrently serves as the Vice Chair of the IOSCO Board. This dual mandate underscores the Committee’s institutional weight and its pivotal role in shaping international regulatory frameworks for capital markets.

 Dr. Azzam further highlighted the necessity of continuously developing the Committee’s agenda to reflect the unique needs of emerging markets. He stressed that this development is essential for achieving IOSCO’s core objectives: protecting investors, ensuring market integrity and efficiency, and maintaining financial stability. These goals remain paramount in the face of accelerating global challenges, including shifts in financial technology, rapid digitalization, and the emergence of innovative investment instruments.

 IOSCO Board Support and Capacity Building Initiatives

The meeting featured the participation of Jean-Paul Servais, Chairman of the IOSCO Board. During his presentation, Dr. Islam Azzam emphasized the vital support provided by the Board to the Growth and Emerging Markets Committee (GEMC). He noted that this backing reinforces the Committee’s position as a premier platform for exchanging shared experiences and strategic insights into the complexities of emerging market.

Rodrigo Buenaventura, the Secretary General of IOSCO, also participated in the session. Discussions focused on the organization’s capacity-building activities designed to support Committee members, alongside a review of the “Market Development Survey” results conducted in March 2026 to define future work priorities.

While moderating the discussions, Dr. Azzam asserted that capacity building and knowledge sharing are fundamental pillars for market development. He stressed the importance of prioritizing efforts amid the diverse topics facing emerging markets, while leveraging strategic partnerships with international institutions – including the World Bank, the IMF, and regional development banks – to enhance market efficiency and regulatory capabilities.

He further explained that the Committee, in coordination with the General Secretariat, will ensure that upcoming meetings and workshops reflect the actual priorities of emerging markets. These efforts aim to support capital market development, ensure financial stability, and promote both inclusion and sustainability.

• Analyzing Global Debt Risks and Emerging Market Challenges

The meeting included extensive discussions on global market developments and the trends and risks impacting emerging economies. Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD, presented key findings from the 2026 Global Debt Report. He highlighted escalating challenges in global debt markets, primarily driven by high interest rates, refinancing risks, shifting investor sentiments, and growing borrowing needs, despite the markets’ continued resilience. The presentation also addressed how these developments affect emerging economies’ ability to deepen local bond markets and attract long-term investors.

Additionally, Eudald Canadell, Chair of the IOSCO Committee on Emerging Risks, and Dr. Igor Kozhanov, Vice Chair, presented the “2026 Risk Outlook” report. The report examined several escalating issues relevant to emerging markets, including the evolution of Exchange-Traded Funds (ETFs), increased retail investor participation in private markets, shifts in  market behavior, and the expanding use of Artificial Intelligence (AI) in financial products and services. It also covered regulatory and supervisory challenges related to digital assets and cross-border activities. Participants discussed the importance of strengthening supervisory tools, utilizing Supervisory Technology (SupTech), and developing flexible, risk-based regulatory frameworks to keep pace with these rapid changes.

In this context, Dr. Azzam emphasized that these risks hold double the significance for developing and emerging markets, particularly in less mature environments that may struggle with liquidity, disclosure, or regulatory resource constraints. He stressed the importance of adopting balanced and practical regulatory responses centered on enhancing disclosure, advancing supervisory tools, and ensuring that regulatory frameworks remain technologically neutral while focusing on risk management.

FRA Chairman concluded by highlighting the importance of cross-border cooperation in addressing risks of a global nature. He reaffirmed that the GEMC continues to play a vital role in facilitating the exchange of successful regulatory experiences among members, thereby contributing to market development and increasing readiness to handle international shifts.

At the end of the meeting, Dr. Azzam expressed his appreciation for the members’ productive interaction and confirmed that the Committee will continue to serve as an effective platform for supporting emerging markets.