الهيئة العامة للرقابة المالية

الدكتور محمد فريد رئيس الرقابة المالية يلتقي وفد “سيتي بنك” لاستعراض جهود تطوير سوق رأس المال في مصر – الأربعاء 5 نوفمبر 2025

الاجتماع تطرق إلى بحث مختلف أوجه التعاون المشترك بما يسهم في تبادل الخبرات لتعزيز كفاءة وتنافسية سوق رأس المال المصري

الدكتور محمد فريد رئيس الهيئة العامة للرقابة المالية:
نعمل على إصدار حزمة القرارات التنظيمية الخاصة بآليات الشورت سيلنج للأسهم وصانع السوق قبل نهاية العام الجاري

التقي الدكتور محمد فريد، رئيس الهيئة العامة للرقابة المالية، وفدًا من “سيتي بنك”، ضم ريتو فابر رئيس قسم خدمات الأوراق المالية لدى المجموعة في المملكة المتحدة والشرق الأوسط وأفريقيا، وعمرو سنبل رئيس خدمات المستثمرين في مصر وشمال أفريقيا وباكستان بالمجموعة، وذلك لبحث تطورات سوق رأس المال المصري واستعراض الجهود الجارية لتعزيز كفاءته وجاذبيته للمستثمرين المحليين والأجانب.
أكد الدكتور فريد أن الهيئة ماضية في استكمال خطوات تطوير سوق رأس المال عبر إصدار حزمة من القرارات التنظيمية الخاصة بآليات اقتراض الأوراق المالية بغرض البيع (الشورت سيلنج) والخاصة بالأسهم وصانع السوق قبل نهاية العام الجاري، بما يسهم في زيادة السيولة ورفع كفاءة السوق وتحسين آليات التسعير، مشددًا على أن هدف الهيئة دائمًا هو مساعدة الأسواق لضمان تطورها وزيادة كفائتها.

أوضح رئيس هيئة الرقابة المالية، أن استراتيجية التطوير تستهدف في المقام الأول تعزيز الشفافية والانضباط ورفع كفاءة التداولات وتشجيع المواطنين على الاستثمار في البورصة المصرية للاستفادة من النمو الاقتصادي الذي تشهده الدولة.

استعرض الدكتور فريد، الخطط والبرامج المتكاملة لتطوير وإصلاح سوق رأس المال المصري لتعزيز كفاءته وتنافسيته لزيادة دوره في دعم خطط التنمية الاقتصادية والاجتماعية بما يوفره من حلول تمويلية واستثمارية متنوعة تمكن الكيانات الاقتصادية العاملة بمختلف القطاعات الانتاجية من النمو وتطوير أعمالها وتحقيق مستهدفاتها من حيث المؤشرات المالية والتشغيلية، وتمكين المواطنين من الاستثمار عبر توفير باقة مختلفة من الحلول والآليات الاستثمارية لمساعدتهم على حسن إدارة أموالهم وتحفيزهم على مزيد من الادخار والاستثمار كونهما الأساس لأى نمو اقتصادي شامل ومستدام، مع العمل المستمر نحو زيادة معدلات الرقمنة في القطاع لما لذلك من أهمية بالغة في تسهيل وصول وحصول المواطنين على الخدمات المالية والاستثمارية المختلفة.

أوضح أن هذه الخطوات ساهمت في تمكين فئات جديدة من المستثمرين والمستهلكين، لا سيما من الشباب ورواد الأعمال، من الوصول إلى الخدمات المالية غير المصرفية بسهولة وأمان، وهو ما يعزز الاندماج المالي ويقوي مناعة الاقتصاد الوطني أمام التحديات العالمية.

شهد اللقاء استعراض انعكاس تنفيذ خطة الرقمنة والتحول التكنولوجي بقطاع أسواق المال، من خلال الزيادة الملحوظة في أعداد المكودين بالبورصة المصرية عقب إدخال التكنولوجيا المالية في عمليات التكويد، وكذلك الارتفاع في أحجام وقيم التداولات اليومية.

وخلال اللقاء، بحث الجانبان أوجه التعاون المشترك في مختلف المجالات المرتبطة بتطوير السوق، إلى جانب سبل الاستفادة من الخبرات الدولية في دعم وتطوير البنية التنظيمية والتشغيلية للسوق المصري.

وأشاد وفد “سيتي بنك” بما حققته هيئة الرقابة المالية من خطوات إصلاحية وتنظيمية ملموسة في سوق المال المصري، مؤكدين حرص المجموعة على تعزيز شراكاتها مع المؤسسات المصرية ودعم جهود جذب الاستثمارات الأجنبية إلى السوق المحلية، بما يعكس الثقة الدولية في قوة وتطور سوق رأس المال.

FRA and ICC Sign Pivotal MoU to Deepen Regional Integration in Insurance Sector – Tuesday 4 November 2025

• The agreement aims at boosting sector cooperation, aligning efforts to combat AML/CFT and facilitating the exchange of technical expertise.

Dr. Mohamed Farid- FRA Chairman:

• The MOU underscores the Authority’s commitment to significantly broadening regional cooperation in insurance sector.

Judge Mahmoud Makiya:

• This cooperation underscores the deep relations between Egypt and Lebanon, demonstrating the mutual commitment of both parties to consolidate joint economic and regulatory ties.

Financial Regulatory Authority (FRA) and Lebanon’s Insurance Control Commission (ICC) signed a landmark Memorandum of Understanding (MoU). This agreement aims to deepen bilateral cooperation and expertise exchange in the insurance sector. It represents a strategic step toward fostering Arab integration in the supervision, regulation and growth of non-banking financial markets. Underscoring the agreement’s national importance, the signing ceremony was officially witnessed by His Excellency Prime Minister Dr. Mostafa Madbouly.

This bilateral agreement is a direct realization of FRA’s continuous commitment to enhance regional cooperation and strategically expanding its regulatory presence across Arab markets. It serves to strengthen vital institutional partnerships with counterpart regulatory bodies throughout the region.

The MoU was formally signed in Cairo on Sunday during the high-level meetings of the Egyptian-Lebanese Joint Higher Committee. Dr. Farid represented the Egyptian signatory. Representing the Lebanese side, Judge Mahmoud Makiya – Secretary-General of the Council of Ministers and Head of the Lebanese delegation – formally signed the agreement on behalf of Chairman of the Insurance Control Commission (ICC).

The MoU aims at promoting investment in the insurance sectors in both Egypt and Lebanon. Beyond commercial growth, the MoU ensures regulatory alignment, highlighted by enhanced coordination in Anti-Money laundering (AML) and Counter-Terrorist Financing (CFT). Additionally, the MoU mandates exchange of information to bolster efforts against insurance fraud. It also establishes formal protocols for effective cross-border supervision and the delivery of mutual assistance for services spanning both countries.

FRA Chairman confirmed that the MoU reflects the Authority’s commitment to expand regional cooperation in insurance supervision and oversight. He noted the agreement is essential for adopting best international practices in governance, sound management and risk management. Dr. Farid views the collaboration with Insurance Control Commission (ICC) as a vital step toward achieving institutional and technical integration that will successfully support the broader development of Arab financial markets.

Moreover, FRA Chairman stated the agreement will pave the way for deepening technical and training cooperation, supporting the sustained growth of reinsurance activity and enhancing market transparency and oversight. Ultimately, these combined efforts are designed to positively impact the confidence of both investors and market participants.

Judge Mahmoud Makiya, Secretary-General of the Council of Ministers and Head of the Lebanese Delegation, stated that signing of the Memorandum of Understanding (MoU) with the Authority represents an important step toward strengthening institutional cooperation between the two countries. He praised the pioneering regulatory experience led by the Authority in developing the legislative and oversight framework of the non-banking financial sector.

He added that this cooperation reflects the depth of relations between Egypt and Lebanon and the commitment of both sides to consolidate joint economic and regulatory cooperation. This, in turn, will enhance the efficiency of non-banking financial markets and support sustainable economic development in both countries.

The Memorandum of Understanding (MoU) establishes a detailed framework for technical cooperation in the critical regulatory domains of licensing, supervision and oversight. This knowledge exchange will be facilitated through specialized training programs, seminars and educational materials covering the Egyptian and Lebanese policies and insurance markets, best practices in international insurance supervision and the technical and regulatory systems used to supervise insurance firms and related professions.

Beyond training, the MoU commits both regulators to higher institutional goals, including the development of joint institutional excellence standards and conducting regular benchmarking within the sector. Crucially, the agreement seeks to unlock commercial potential by exploring growth and reinsurance opportunities between the two countries. Furthermore, it mandates collaboration in highly specialized training areas, such as Actuarial Sciences and the regulatory systems governing Takaful (Islamic Insurance). The MoU includes a provision for periodic consultation and prompt mutual notification to ensure both parties stay fully aligned on relevant legislative and regulatory updates.

The counterpart signatory to FRA is the Insurance Control Commission (ICC), which serves as the regulatory body responsible for supervising the insurance sector in Lebanon. The Lebanese market currently comprises approximately 46 insurance companies under the ICC’s supervision.

FRA has successfully initiated a qualitative shift in the Egyptian insurance sector through a comprehensive package of regulatory decisions. These reforms are strategically designed to deliver three core objectives: enhance market efficiency, ensure the robust protection of policyholders’ rights and promote wider insurance inclusion.

It is worth mentioning that FRA issued Egypt’s first comprehensive governance rules for insurance and reinsurance companies. This mandate directly boosts transparency and accountability by requiring firms to establish internal charters and codes of conduct for boards and their committees. Also, it mandates that insurance companies establish specialized departments for receiving and resolving customer complaints. This measure is designed to ensure rapid response to policyholders’ requirements and improve service quality. Companies are also required to submit periodic reports detailing the causes and patterns of these complaints.

In the context of digital transformation, the Authority issued a resolution on regulating the e-issuance and distribution of insurance policies. This contributes to easier access to insurance services and increases operational efficiency. FRA also adopted new rules for the financial solvency margin to strengthen the stability of insurance companies and further protect the rights of policyholders.

To maximize investment returns and realize direct economic benefits for citizens, the Authority issued strategic decisions obligating Private Insurance Funds to allocate a percentage ranging between 5% and 20% of their funds for investment in equity funds listed on the Egyptian Exchange (EGX).

Furthermore, FRA established specific investment mandates for insurance companies: They are now obligated to invest no less than 2.5% of their paid-up capital into the designated equity funds. Additionally, they must direct a minimum of 5% of their free funds (equity) into open-ended equity investment funds.

FRA’s comprehensive reforms have yielded a demonstrable positive impact on the sector. Total collected premiums surged by 25.3% to reach EGP 77.5 billion. Critically, the value of compensations (claims paid) witnessed an even greater increase, growing by 45.6% to hit EGP 40 billion during the same period, clearly reflecting the strong financial commitment of companies to their clients. Furthermore, investments managed by Private Insurance Funds increasing by 11.9% year-on-year to reach approximately EGP 19.95 billion.

Also, FRA has successfully launched an extensive national campaign to enhance insurance awareness and financial inclusion. Operating under the slogan, “Secure First… So You Don’t Start Over,” this strategic drive is executed through a key partnership with the Insurance Federation of Egypt (IFE) and the Insurance Policyholders’ Fund. This collaboration firmly underscores the Authority’s commitment to embedding a proactive insurance culture in Egyptian society and significantly expanding the base of citizens benefiting from insurance protection.

PM Approves FRA’s New Auditing Framework: Landmark Update After 17 Years – Sunday 2 November 2025

• Application begins on January 1, 2027, marking a shift to global standards and a commitment to higher levels of financial statement transparency and integrity.
• Auditing standards serve as the essential foundation for examining and validating that financial statements strictly adhere to approved principles.
• 46 new standards are introduced, systematically organized into three main sections: Auditing, Review and Other Assurance Engagements.
• Crucial new Quality Control Standard is issued, mandating that audit firms establish rigorous systems to guarantee strict adherence to all professional standards and legal/regulatory requirements.
• Public Interest Entities (PIEs) must comply with the full, comprehensive standards, while Small Enterprises benefit from simplified, scaled-down standards tailored to their resources.
• The standards update is a strategic step to consolidate confidence in financial reports and enhance Egypt’s position as a regional center for investment.

In line with its pioneering role in developing the regulatory and organizational framework for Non-Banking Financial Markets , FRA led the efforts to prepare and update the Egyptian Standards on Auditing, Limited Review and Other Assurance Engagements. This is a qualitative step aimed at enhancing the quality of financial reports and raising the levels of transparency and governance in the Egyptian business environment.

Following the meticulous work conducted by the Standards Committee, led by FRA Chairman Dr. Mohamed Farid, Prime Minister Dr. Mostafa Madbouly issued Decree No. 3725 of 2025. This landmark decree officially implements the new standards, pivotal to aligning local professional practices with international benchmarks which will significantly bolster confidence in financial data and attract crucial investment to Egypt.

Egyptian Accounting Standards and Auditing Standards function as two integrated, essential pillars that jointly underpin the integrity and transparency of the financial system. Accounting Standards are the fundamental rules and bases that dictate how financial statements are prepared and how an entity’s financial position and performance are presented. Their primary purpose is to ensure that financial information is accurate, consistent and readily comparable across different entities and periods.

Conversely, Auditing Standards provide the necessary framework for verification. These standards govern the professional procedures and controls utilized by auditors during the examination of those financial statements, thereby assuring their compliance with the approved Accounting Standards. Auditing Standards are recognized as a primary tool for enhancing trust in financial information, guaranteeing both the objectivity and the quality of corporate reports. This rigorous assurance process, in turn, contributes directly to consolidating the principles of governance and transparency, protecting investor rights, supporting the overall efficiency and stability of financial markets and the national economy.

The release of these updated standards addresses a substantial 17-year gap since the last update to the Egyptian Auditing Standards, previously enforced under the Minister of Investment’s Decree No. 166 of 2008. The new Prime Minister’s Decree ensures a definitive transition by stipulating the cancellation of the former standards effective on or after January 1, 2027, thereby commencing the full, phased application of the new framework.

This major update is not merely an administrative change; it is a strategic necessity designed to keep pace with fundamental changes in global auditing and financial review standards. The core objective is to bridge the professional and regulatory gap between Egypt’s previous framework and its international counterparts. The new standards will dramatically enhance the transparency and reliability of financial statements issued by Egyptian companies. This move is crucial for accommodating current economic developments, supporting the national economy’s increasing openness to global markets, and facilitating the continued growth of cross-border financial and investment transactions.

As the Egyptian economy rapidly integrates globally, its business landscape is becoming highly interconnected. This rising openness creates a complex web of international trade and investment. Consequently, updated Egyptian Standards are imperative to address these relationships and align with the need for globally consistent regulations. Numerous domestic companies operate with branches and subsidiaries outside Egypt and also , a significant number of foreign companies maintain branches or wholly-owned subsidiaries within the Egyptian market.

Furthermore, the shares of several Egyptian and multinational entities are actively listed and traded on both local and international stock exchanges. Due to this cross-border activity, investors and market participants critically rely on the financial data, statements and crucially, the accompanying auditors’ reports. This reliance necessitates that Egypt’s professional standards must be updated. The modernization is therefore an absolute necessity to guarantee consistency with international standards and to effectively meet the rigorous demands for transparency and disclosure inherent in the modern cross-border business environment.

The new edition of the Egyptian Standards on Auditing, Review and Other Assurance Engagements establishes a comprehensive framework comprising forty-six standards across three primary sections. The first section is dedicated to the core functions, including a standalone standard for Quality Control and thirty-seven Auditing Standards. The second section addresses engagements requiring varying levels of assurance, featuring one standard for Review Engagements, five for Other Assurance Engagements, and two for Related Services Engagements. Finally, the third section provides essential supplementary publications and guides to support the practical application of the standards.

This organized structure is designed to promote greater integration across all professional and regulatory tasks. By clearly defining the application scope for each standard based on the engagement’s nature and the entity’s size, the new framework ultimately aims to enhance the efficiency and quality of all audit and oversight activities within the Egyptian business environment.

A key highlight of this new edition is the inclusion of an updated and entirely new standard for Quality Control specifically governing auditors’ work. This standard is mandatory, requiring every professional firm or office to implement an integrated system of quality control. The system’s purpose is to ensure the firm and its personnel adhere to all prevailing professional, legal and regulatory requirements. Crucially, it mandates the application of effective internal control systems to build a high level of confidence in issued financial reports, thereby guaranteeing that all reports—whether for auditing or other assurance engagements—are both appropriate for the circumstances and reliable in their content.

The new standards significantly reinforce the requirements for documenting audit evidence, particularly in areas considered high-risk. This includes crucial judgmental areas such as accounting estimates, the assessment of the entity’s ability to continue, identifying and responding to Fraud Risks, and evaluating the quality of the financial information systems used in preparing statements. This focus on rigorous documentation directly contributes to boosting the accuracy and credibility of audit findings.

A major update involves evolving the form and content of auditors’ reports to increase public transparency. For companies listed on the stock exchange, the standards introduce the Extended Audit Report (or Long-Form Report). Critically, this new model mandates the disclosure of Key Audit Matters (KAMs).

To ensure sustained high performance, the new edition actively promotes the integration of modern technological tools into the audit process. Audit firms are encouraged to adopt advanced computer systems, utilize Data Analytics systems and implement Electronic Auditing techniques. Furthermore, the standards push firms to establish specialized internal departments for Quality Control and Information Technology. This technological and structural push is intended to support the overall efficiency of the oversight process and elevate the quality of professional performance across the board.

Dr. Mohamed Farid, FRA Chairman expressed strong support for the new standards, affirming that the Prime Minister’s decree is a pivotal step for the Egyptian auditing profession. Dr. Farid emphasized that this move is key to improve the quality and efficiency of audit work, ensuring Egypt operates in accordance with the best international practices and standards.

Dr. Farid further explained that the issuance of the updated Egyptian Auditing Standards supports disclosure and transparency and improve the credibility of financial statements for companies and institutions operating across various economic sectors. This, in turn, will have a positive impact on the confidence of both local and international investors in the national economy. Ultimately, it supports FRA’s efforts to build a disciplined financial market founded on the principles of integrity, efficiency and sustainability.

FRA Chairman took the opportunity to express his deep gratitude to Standards Committee which was established by a Prime Ministerial decree and operates under FRA’s supervision. He also acknowledged the significant contributions of the dedicated working team comprised of FRA members. This collective, diligent effort was crucial in developing and updating the Egyptian Auditing Standards, ensuring the new framework not only addresses local and international changes but also fully keeps pace with the demands of the modern business environment.

Dr. Mohamed Farid affirmed FRA’s unwavering belief in the pivotal role of robust auditing standards as the foundation for enhancing confidence in corporate financial data. By mandating the highest degrees of objectivity, independence and accuracy, these standards ensure that all stakeholders -from investors to regulatory bodies – can rely on financial information to make sound, informed decisions. He added that the release of these updated standards marks a crucial continuation of national efforts to modernize Egypt’s regulatory and professional ecosystem. By fostering seamless integration between accounting and auditing standards, FRA is solidifying the pillars of transparency and accountability. This systemic improvement is strategically designed to enhance the capability of both public and private sectors to effectively address economic challenges and drive the nation toward sustainable development.

Financial Regulatory Authority views this standards’ update as a landmark achievement in developing the regulatory infrastructure that supports financial disclosure’s quality. It actively cultivates a business environment characterized by trust and credibility. Ultimately, this modernization effort is intended to significantly strengthen Egypt’s strategic position as a premier regional hub for attracting investments, particularly within non-banking financial sectors.