الهيئة العامة للرقابة المالية

FRA and Sadat Academy Sign Strategic Protocol to Boost Capacity Building and Expertise Sharing –  Tuesday 1 September 2026

Dr. Islam Azzam, FRA Chairman:

• Human capital investment is an essential pillar for enhancing regulatory oversight and maximizing operational efficiency within the non-banking financial sector.
• Awareness and capacity building remain core to FRA’s mandate, gaining even greater urgency amid today’s rapid market developments.

Dr. Mohamed Saleh Hashem, President of Sadat Academy:

• This agreement aims to broaden expertise sharing while unlocking the combined academic and training capabilities of both institutions for mutual benefit.

Dr. Islam Azzam, FRA Chairman and Dr. Mohamed Saleh Hashem, President of Sadat Academy for Administrative Sciences, signed a cooperation protocol to expand joint collaboration across training, postgraduate studies, scientific research, expert exchange and advisory services, aimed at enhancing the professional capabilities of personnel at FRA and its affiliated entities.

This protocol aligns with FRA’s commitment to invest in human capital and accelerate workforce capabilities in tandem with rapid developments in the non-banking financial sector, thereby strengthening institutional efficiency across supervisory, regulatory and oversight functions.

Under the agreement, FRA and affiliated entities will gain access to a diverse array of academic and professional postgraduate tracks. These include Master’s, Ph.D., and postgraduate diplomas, alongside professional master’s and doctoral programs across specialized fields such as International Business Administration, Finance and Investment, Capital Markets, Human Resources Management, Operations and Quality Management, Accounting, Management Information Systems (MIS), Insurance and Crisis and Risk Management.

The protocol also provides joint specialized training courses, leveraging the academic and practical expertise of both institutions to design skill-building curricula and deliver advisory services in shared areas of interest.

Additionally, both entities will exchange technical experts, coordinate joint conferences, seminars, workshops and educational programs to facilitate knowledge transfer and benchmark best practices.

Dr. Islam Azzam, FRA Chairman emphasized that partnering with Sadat Academy reinforces the Authority’s strategy to invest in human capital as a vital pillar for elevating regulatory performance, particularly given the dynamic shifts within non-banking financial markets.

He added that continuous professional and academic development remains a top priority, ensuring the FRA stays ahead of evolving regulatory trends. The protocol broadens opportunities for specialized training, advanced studies, and technical cooperation by leveraging Sadat Academy’s academic resources.

Dr. Islam Azzam further highlighted that public awareness and capacity building are core statutory mandates of the Authority. He cited the pivotal roles played by the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD) in spreading financial literacy across regulated sectors and investment, capital market, insurance and financing professionals. Furthermore, he noted expanding initiatives to transfer expertise to new cohorts—including members of the judiciary and academia—alongside the recent completion of the inaugural training program for state-owned firms targeted for IPOs, which was successfully passed by 118 executives.

For his part, Dr. Mohamed Saleh Hashem, President of Sadat Academy for Administrative Sciences, expressed his pride in collaborating with the Financial Regulatory Authority (FRA). He emphasized that the protocol serves as an important institutional framework for exchanging expertise and leveraging the scientific and training capabilities available to both sides.

He noted that the Academy is dedicated to deploying its academic and training resources to support human capital development strategies through specialized programs tailored to market demands, building qualified leaders equipped to navigate fast-evolving business and financial markets dynamics.

The signing ceremony concluded with an exchange of commemorative shields between senior officials of both entities.

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FRA Concludes  Landmark IPO Training for 118 Executives of State-Owned Firms – Sunday 30 August 2026

Financial Regulatory Authority (FRA) has concluded the first training program designed to prepare state-owned firms targeted for listing on the Egyptian Exchange (EGX). The program was organized by the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD)— FRA’s training arms—as part of a pioneering national initiative to support the government’s Initial Public Offering (IPO) program through targeted training and qualification.

Dr. Islam Azzam, FRA Chairman stated that the readiness program reflects the integration of the authority’s roles in regulation, supervision, and awareness to build more efficient markets, particularly the capital market. He noted that the government IPO program will deepen, broaden and increase the market’s attractiveness by listing and offering a selection of the most prominent state-owned enterprises across various productive sectors, thereby expanding investment choices.

The closing ceremony was attended by Mr. Mohamed El-Sayad, FRA Vice Chairman ; Mr. Mohamed Sabry, EGX Vice Chairman ; and Dr. Tarek Seif, Executive Director of the FSI and the EIoD.

The program trained 118 representatives from 34 firms—including temporarily listed firms, upcoming target companies and the State-Owned Companies Unit.

The program focuses on practical requirements for companies and their leadership to transition from temporarily listing to final listing and subsequent offering, encompassing corporate governance, disclosure, transparency and ongoing listing obligations.

All participants—spanning executive, administrative, and specialized financial levels within the targeted enterprises—successfully passed the final examination administered at the conclusion of the program.

Mr. Mohamed El-Sayad emphasized that a company’s readiness for an IPO extends beyond merely meeting listing requirements. It also entails preparing management to fulfill continuous post-listing obligations toward the market and investors, particularly regarding timely disclosure, governance and the provision of material information.

He added that the success of the IPO program is measured not only by the number of companies entering the stock exchange, but also by their capacity to operate according to market rules and provide investors with the information required to make informed decisions. Consequently, FRA focuses on enhancing the quality of disclosure and governance prior to the offering which strengthens the efficiency of securities pricing and bolsters the capital market’s ability to provide corporate financing.

Dr. Tarek Seif noted that the program integrated practical training with theoretical content through workshops and case studies. These sessions addressed various stages a company undergoes from provisional listing to the IPO and its associated obligations. He highlighted that the curriculum practically addressed governance requirements, disclosure, the roles of boards of directors, executive and financial management, listing and offering mandates, and the ongoing obligations of listed companies—effectively bridging regulatory requirements with corporate implementation.

He concluded that the FSI and the EIoD will refine the training content in coordination with FRA, expand its scope to encompass targeted state-owned companies while focusing on the practical needs of the cadres responsible for corporate management and capital market compliance.

FRA Amends Insurance and Reinsurance Brokerage Rules – Saturday 29 August 2026

• Mandatory requirement for brokerage firms to open at least two branches within 3 years abolished
• Insurance consulting experts barred from executive roles

Dr. Islam Azzam, FRA Chairman:

• The decision aims to prevent conflicts of interest while addressing market realities to ease operational burdens on companies.

FRA Board of Directors chaired by Dr. Islam Azzam, issued Decision No. 69 of 2025, amending professional rules and standards for registering and practicing insurance and reinsurance brokerage activities. The decision is part of ongoing efforts to update the regulatory framework for insurance activities, boost operational efficiency, enhance governance and eliminate conflicts of interest.

The decision abolishes the requirement that obligated insurance and reinsurance brokerage firms to open at least two branches within three years of launching operations as a licensing prerequisite.

Practical implementation demonstrated that brokerage operations do not always require a physical geographic presence across multiple branches—especially given technological advancements and diversified service delivery channels. Enforcing mandatory physical expansion within a strict timeline imposed administrative and financial burdens that did not necessarily align with each company’s business model or operational needs.

Furthermore, the decision removes the provision that previously allowed insurance consulting experts to assume executive management roles in insurance or reinsurance brokerage firms, effectively barring them from holding executive management positions in these companies.

This amendment aligns with FRA Board Decision No. 25 of 2026 governing the registration conditions and rules for insurance consulting experts which explicitly requires that individuals registering as insurance consultants must not be registered on FRA’s accredited insurance brokers register. This ensures the prevention of conflicts of interest while reinforcing the functional independence and separation of roles within the insurance sector.

Dr. Islam Azzam, FRA Chairman stated that the new decision solidifies corporate governance policies by creating a complete operational separation between brokerage activities and advisory consulting, eliminating potential conflicts of interest in accordance with the regulatory framework established under the Unified Insurance Law No. 155 of 2024.

He added that eliminating the two-branch mandatory expansion requirement reflects FRA’s commitment to maintaining open channels with market players and adapting to practical market realities. The move grants companies greater operational flexibility to allocate resources and execute expansion plans according to client demand and individual business models, without compromising regulatory oversight standards.

FRA Chairman emphasized that regulatory updates consistently aim to strike a balance between facilitating market growth and maintaining robust oversight. Adapting to market developments across the insurance sector and non-banking financial services at large fosters market prosperity while safeguarding consumer rights.

The decision will be published in Al-Waqa’i’ Al-Misriyya and on FRA’s official website in the coming days, taking effect on the day following its publication.