الهيئة العامة للرقابة المالية

FRA Chairman Participates in GEMC Market  Development Workshops – Friday 21 November 2025

• The Authority’s strategy leverages digital transformation and new regulations to broaden the investor base and simplify access to non-banking financial services.
• A key focus is empowering youth via educational initiatives to enhance financial literacy and investment participation.
• High-level bilateral meetings were held with regulatory heads from Turkey, Malta, Dubai and the IOSCO Chairman to deepen international cooperation and exchange expertise.

Dr. Mohamed Farid – FRA Chairman:

• FRA is committed to developing and nurturing robust capital markets that actively support economic growth.
• The Authority is constantly working to boost the readiness and resilience of the Egyptian market.

Dr. Mohamed Farid, FRA Chairman and Vice Chair of the IOSCO Board recently participated in GEMC Market Development Workshops in Malta. Held under the theme “Building Resilient Capital Markets for the Future,” the workshops coincided with Dr. Farid’s role in chairing the concurrent GEMC meetings. The core themes of the event focused on strategies to strengthen markets to cope with global changes, enhance operational efficiency and ensure sustainable growth.

During his participation, FRA Chairman highlighted Egypt’s proactive efforts to enhance its market readiness for rapid global transformations. He stressed that digital transformation is now a crucial pillar of modern regulatory oversight. He emphasized that the Authority’s strategic reliance on digital tools and data analytics has significantly raised supervisory efficiency and improved the quality of regulatory decisions, successfully achieving a vital balance between investor protection and encouraging innovation. Additionally, he pointed to the significant progress in improving Egypt’s legal and regulatory environment. This is reinforced by governmental cooperation aimed at simplifying companies’ registration and related procedures. These reforms are critical for solidifying the role of startup companies in driving economic growth and creating new job opportunities.

To enhance financial inclusion and attract new segments to the Capital Market, Dr. Farid underscored the critical importance of empowering youth as a key driver of future growth. He highlighted that in 2023, the Authority adopted a package of qualitative resolutions (including No. 139, 140 and 141) specifically designed to remove barriers preventing youth and new investors from accessing non-banking financial services.

These resolutions have strategically accelerated digital transformation by establishing crucial procedures for Electronic ID Verification (EIDV) and remote investment. As a direct result, these measures are successfully expanding the active investor base and streamlining citizens’ access to modern investment instruments.

FRA Chairman emphasized that financial literacy is critical for both boosting the investor base and driving long-term investment. The Authority’s comprehensive strategy includes specialized training, expanded educational partnerships and new digital content tailored for youth all over Egypt. These programs are intended to deepen market sustainability and foster an informed, participating society within the national economy.

Dr. Farid also presented regulatory efforts dedicated to encouraging innovation and attracting investment. Chief among these is the authorization to establish Special Purpose Acquisition Companies (SPACs) under a model uniquely tailored to the Egyptian market. He explained that this innovative structure effectively blends venture capital mechanisms with public offerings, which allows for the listing of multiple startup companies within a single portfolio on the Stock Exchange. This provides smaller companies with superior financing opportunities and offers investors the advantage of risk diversification and enhanced returns, all within a flexible and balanced regulatory framework.

To develop the financial innovation system, Dr. Farid highlighted the crucial role of the Regulatory Sandbox (FRA Sandbox) in allowing companies to test innovative solutions under supervision which supports new product development while maintaining governance and transparency. He also noted the decision requiring insurance companies to invest a minimum of 2.5% of paid-up capital and 5% of free funds in EGX-listed equity funds to boost market liquidity and efficiency.

Dr. Mohamed Farid concluded by affirming the Authority’s commitment to continuously developing the Capital Market. This is achieved through balanced regulations that support innovation, protect investors, and build a more resilient market capable of adapting to future changes.

On the sidelines of the event, Dr. Farid conducted several high-level bilateral meetings with prominent international regulatory leaders, including the Chairman of the Capital Markets Board of Turkey (CMB), the CEO of the Malta Financial Services Authority (MFSA), the CEO of the Dubai Financial Services Authority (DFSA) and Chairman of the IOSCO Board. These crucial meetings aimed to enhance international cooperation, facilitate the exchange of regulatory expertise and strengthen coordination on shared issues, ultimately serving to develop financial markets and boost their resilience against global challenges.

FRA Approves 5 New Licenses Spanning Real Estate Funds, Promotion and Underwriting, Fund/Portfolio Management and Venture Capital – Thursday 20 November 2025

• Approvals include Nawy Shares, Thndr Technologies, Co Wealth and CI Capital.

FRA Committee for Establishing and Licensing Companies has approved licenses for five companies. These approvals include

establishment of Real Estate Fund Companies, a Fund Management Company. In addition to granting licenses to engage in securities promotion and underwriting activities, securities portfolio management and REIFs management.

These approvals were issued for the establishment of Co-Wealth Company for Promotion and Underwriting. Additionally, the Committee approved the establishment of Co-Wealth Fund Company whose sole purpose is REIFs management.

The Committee further expanded its approvals by granting licenses to three additional entities. Nawy Shares Company was approved to engage in securities promotion and underwriting and REIFs management. Similarly, CI Capital for Fund Management and Venture Capital received a license to practice Venture Capital (VC) activities, augmenting its existing core business purpose. Finally, Thndr Technology was licensed to practice portfolio management activity and fund management, both of which have been officially added to the company’s core purpose.

As the designated body under FRA Chairman’s decree No. 3060 of 2023, this Committee is responsible for a broad mandate that extends beyond initial licensing. Its powers encompass approving the establishment and licensing of new non-bank financial companies, along with sanctioning requests for additional activities and mechanisms for existing firms.

The Committee also approves amendments to articles of association (both preliminary and final), and ratifies incentive and reward schemes. Furthermore, it provides opinions on suspending General Assembly resolutions for securities and consumer finance companies.

Additionally, the Committee approves the opening, relocation and closure of branches and processes requests for liquidation, temporary or voluntary suspension of activities. Finally, the Committee is responsible for the registration, renewal and delisting of founding agents for non-bank financial companies.

FRA Finalizes Operating Controls for Insurance Disputes Committee – Thursday 20 November 2025

Dr. Mohamed Farid – FRA Chairman:

• The Committee serves as a vital instrument for enforcing insurance justice, making it a practical realization of the Unified Insurance Law’s core objectives.
• Key outcomes of FRA’s move include faster dispute resolution and a substantially improved insurance business environment.
• The Committee must issue a reasoned decision within a strict 30-day window following the complete submission of all required data.
• Strict controls have been established to prevent conflicts of interest, thereby guaranteeing the Committee’s neutrality and integrity.
• The regulation permits and encourages negotiation and amicable settlement for disputes brought before the Committee.
• Fees start at EGP 5,000 for claims under EGP 1 million and cap at EGP 20,000 for claims over EGP 5 million.

FRA Board of Directors chaired by Dr. Mohamed Farid, has issued a landmark resolution to regulate “Insurance Disputes Committee”. This strategic action is the latest step in FRA’s efforts to develop the legislative and regulatory framework of the insurance sector, significantly enhancing consumer protection mechanisms and fostering a more efficient, transparent and stable operating environment within the Egyptian market.

Resolution No. 254 of 2025 specifies the Committee’s jurisdiction to consider and rule on all disputes arising between Policyholders, beneficiaries, third parties or those registered in insurance professions on one side and any of the insurance entities operating in the market on the other. These entities include all forms of insurance and reinsurance companies (commercial or Takaful), as well as specialized medical insurance companies, micro-insurance and insurance pools.

Dr. Mohamed Farid,  FRA Chairman affirmed that the new resolution represents a practical embodiment of the goals of the Unified Insurance Law and is a fundamental step toward enhancing protection for those dealing in the insurance sector. It aims to ensure they obtain their rights efficiently and transparently, thereby supporting stability and confidence in the non-banking financial activities system.

He pointed out that the Committee serves as a vital tool for enforcing insurance justice, which will reduce the duration of disputes and improve the business environment as a whole. Dr. Farid noted that the mandate compelling the Committee to issue a reasoned decision within only thirty days from the date all required data and documents are fully submitted comes within the framework of the Authority’s commitment to set operational mechanisms that guarantee speed and effective resolution of disputes.

The new resolution stipulates the formation of a Technical Secretariat for Insurance Disputes Committee. The Technical Secretariat receives all dispute applications from stakeholders and ensuring continuous communication with them throughout the process. It must organize and complete all papers and documents related to the insurance dispute so they are ready for  presentation to the Committee. It registers each application, thoroughly studies the case details and produces a detailed report. The  Additionally, the Technical Secretariat must  keep an electronic record of all dispute settlement requests, specifically logging the date of the application, the subject of the dispute, the details of the parties involved, the dates of the case meetings and the resolutions issued by the Committee.

Moreover, its duties include preparing an agenda for all sessions and submitting it directly to the Committee Chairman for approval. Following the meetings, the Secretariat is responsible for drafting the official minutes, which are required to be highly detailed, documenting all opinions expressed, the resolutions issued and the brief reasons forming the basis of those decisions. The Secretariat ensures all records are preserved by archiving the Committee’s meeting minutes and issued resolutions, alongside maintaining proof of notifying the concerned parties of the decisions made.

The list of the Secretariat’s duties further includes compiling and aggregating precedents established by the Committee in previous rulings. The Secretariat shall prepare statistical reports detailing the types of disputes presented, the resulting resolutions, and other related studies. The Secretariat is tasked with communicating directly with the parties to the dispute – requesting necessary data, documents, or memorandums and arranging for hearings or inquiries regarding relevant facts – in addition to performing any other tasks assigned by the Committee Chairman.

The resolution stipulates that the Technical Secretariat, with the approval of the Committee Chairman, may seek the opinions of the relevant departments within FRA regarding technical matters that fall within their competence.

On the other hand, the resolution establishes a graduated fee structure for the service of studying and examining dispute applications, determined by the value of the amount under contention. Specifically, the fee is set at EGP 5,000 for disputes valued up to EGP 1 million. This fee then increases to EGP 10,000 if the disputed amount exceeds EGP 1 million but does not surpass EGP 5 million. For the highest claims, the fee reaches EGP 20,000 if the value of the amount under dispute exceeds EGP 5 million.

The resolution permits the parties to negotiate and agree upon an amicable settlement of the dispute brought before the Committee. This settlement must be formally recorded in minutes signed by the parties or their representatives.

Additionally, the resolution sets the deadline for the Committee’s decision at 30 days from the date all data and documents are fully submitted. The decision must be reasoned and signed by the Committee Chairman. The parties to the dispute are obligated to implement the Committee’s decision within a maximum of 30 days from the date it becomes enforceable. This period may be extended with the approval of FRA Chairman if the concerned party provides acceptable justifications.

To ensure neutrality and integrity, the resolution established strict controls to prevent conflicts of interest. These controls prohibit Committee members from considering, participating in the discussion, or voting on any subject or resolution if they, or their relatives up to the fourth degree, have a direct or indirect interest in the dispute, or if they are adversaries to any of the parties.

Committee members, Technical Secretariat and any mandated experts are obligated to maintain the confidentiality of information and are prohibited from disclosing any data or documents related to the dispute without the prior written consent of the parties. By virtue of this resolution, Resolution No. 926 of 2018 (which previously regulated the work of the Dispute Resolution Committee) has been repealed. The new resolution is effective from the day following its date of publication in the Official Gazette (Al-Waqai’ Al-Misriyya).

FRA had previously issued Resolution No. 77 of 2025 at the end of last October. This resolution mandates insurance companies to establish an integrated system for the prompt and transparent resolution of customer complaints by creating specialized internal departments to handle complaints and applying the highest standards of disclosure and clarity in all insurance policies and services provided to clients.

Insurance companies and related professions are now obligated to submit periodic reports to FRA. These reports must detail the causes and patterns of complaints, alongside the corrective actions implemented. Moreover, the regulations now clearly govern the process for submitting external complaints to FRA, specifically after the internal company complaint process has been failed and a settlement could not be reached.

The complaint process within the insurance sector is now structured in distinct stages. Initially, the client submits a complaint to the insurance company, which is obligated by FRA resolutions to provide a response as quickly as possible. If the client finds the company’s response unacceptable, they are entitled to appeal to the Authority directly, without incurring any fees. The final stage allows the client to appeal to Dispute Resolution Committee upon payment of the predetermined service fees and the fulfillment of all previously mentioned required data.

FRA has initiated a comprehensive development revolution in the insurance sector. The Authority has issued approximately 47 regulatory resolutions since the application of the Unified Insurance Law, with the goal of enhancing the market’s strength and resilience and achieving both insurance and financial inclusion simultaneously.