الهيئة العامة للرقابة المالية

FRA Grants Licenses to 6 Companies for Non-Banking Activities – Wednesday 18 February 2026  

• Approvals issued for Olive Holding, Tharaa Insurance Brokerage, Taqa Financial Investments, Fawry Holding, Beltone, and Emirates NBD

FRA’s Incorporation and Licensing Committee grants license to six entities to operate in non-banking financial activities. These activities include participating in company incorporations and capital increase, insurance brokerage, bond trading and brokerage, and the promotion and underwriting of securities.

The Committee granted Olive Egypt Holding, Taqa Financial Investments, and Fawry Holding licenses to participate in company incorporations and capital increase.

Additionally, Tharaa received a license for insurance brokerage, while Beltone Securities Brokerage was licensed to conduct bond trading and brokerage. Furthermore, the Committee approved Emirates NBD to operate in the promotion and underwriting of securities.

In accordance with FRA Chairman Decree No. 3060 of 2023, Incorporation and Licensing Committee serves as the competent body responsible for approving the incorporation and licensing of companies operating within the non-banking financial sector.

The Committee’s jurisdiction extends to ratifying amendments to company’s statutes and endorsing employee incentive and motivation schemes. Beyond corporate governance, it serves a critical supervisory function by advising on the suspension of General Assembly resolutions within the securities and consumer finance sectors.

Beyond initial licensing, the Committee reviews requests to add new financial services or business mechanisms. It also manages the process for securities and consumer finance companies when they switch from one legal framework to another.

Furthermore, the Committee oversees the full operational lifecycle of regulated firms – from authorizing branch networks to managing liquidations, activity suspensions, and the professional registration of founding agents.

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Prime Minister Issues Decree Appointing Hamdy Badawy as Assistant to FRA Chairman – Tuesday 17 February 2026

Prime Minister Dr. Mostafa Madbouly issued Resolution No. 443 of 2026, appointing Mr. Hamdy Mahmoud Badawy as Assistant to FRA Chairman.

Hamdy Badawy brings over 26 years of extensive professional experience in criminal investigation and combating financial crimes. Since graduating from the Police Academy in 1997, he has earned an LL.M. and specialized legal diplomas, bridging the gap between a security background and specialized legal analysis in combating financial and economic crime.

Badawy held several leadership positions in economic crime combat, starting at the General Administration of Public Funds Police. He rose through the ranks to lead the departments for combating currency crimes, smuggling, capital market crimes, and illicit investment schemes. He played a key role in detecting and tracking various financial crime patterns, particularly in money laundering, terrorism financing, and capital market fraud.

Upon joining FRA, Badawy led the Central Departments for AML/CFT and Insurance Professional Supervision. In his subsequent role as Deputy Assistant Chairman, he drove the modernization of regulatory oversight and the advancement of the Authority’s governance and compliance systems.

On the academic side, he served as a certified lecturer at FRA’s Financial Services Institute (FSI). He delivered specialized training programs for the non-banking financial sector on AML/CFT, reflecting his commitment to institutional capacity building and fostering a culture of compliance.

Hamdy Badawy is distinguished by his cumulative expertise in developing financial regulatory systems, analyzing economic crime patterns, and strengthening compliance and governance. His work supports the stability and integrity of financial markets, reinforcing FRA’s role in protecting participants’ rights and ensuring the safety of non-banking financial activities.

FRA Enhances Licensing Standards and Efficiency for Futures Brokerage – Tuesday17 February 2026

• A minimum capital requirement of EGP 50 million.
• Mandatory appointment of 12 key functional roles.
• A 3-month grace period for status regularization.

Financial Regulatory Authority (FRA) has issued a resolution outlining the requirements and licensing conditions for Futures Brokerage. This move aims to complete the legislative and regulatory framework for the derivatives market, enhance risk management efficiency, ensure the readiness of operating companies, maintain market stability, and protect investor rights.

Resolution No. 7 of 2026 – issued on January 14, 2026, by the Board of Directors chaired by Dr. Mohamed Farid, Minister of Investment and Foreign Trade and former FRA Chairman – enacts a comprehensive framework of financial, technical, and administrative mandates. These regulations ensure that operations align with the highest benchmarks of corporate governance and institutional integrity.

Regarding financial mandates, the resolution requires applicants to have a minimum issued and paid-in capital of EGP 50 million (or its foreign currency equivalent). Companies must also comply with ownership structure regulations and shareholder ratios as per the rules governing non-banking financial activities, specifically Resolution No. 177 of 2024.

The resolution mandates a cash insurance deposit equal to 0.5% of the issued and paid-in capital to cover financial liabilities arising from regulatory breaches. Additionally, a non-refundable application fee of EGP 5,000 is required for license review.

On the technical side, companies must possess a secure, integrated technological infrastructure. This includes centralized servers, licensed operating systems, advanced data protection, and an effective internal control system. To ensure Business Continuity, firms must maintain a secondary operational site physically separate from the main headquarters.

The resolution obligates companies to develop a comprehensive Risk Management Operational Manual. This manual must detail the identification, measurement, and monitoring of market, credit, concentration, operational, and liquidity risks, alongside mitigation and reporting policies to ensure regulatory compliance and operational sustainability.

Administrative governance standards require board members to possess a clean legal record and a “good reputation.” The majority of the board, including the Chairman, must have at least five years of experience in exchange-traded markets. The Managing Director must be dedicated exclusively to executive management, and the Operations Manager must have a minimum of seven years of relevant experience.

Futures brokerage firms must staff a minimum of 12 key positions, including: CEO, Operations Manager, Trading Manager, Risk Manager, Internal Controller, AML/CFT Officer, CFO, Account Manager, Internal Auditor, Floor Trader (Contracts), IT & Information Security Officer, and HR Manager. Specific technical expertise is required for leadership roles.

To safeguard participants, firms must verify a client’s financial solvency before executing orders. They are required to manage escrow accounts, monitor client positions daily based on settlement prices, and satisfy margin requirements. Companies may also join clearing and settlement company as “Settlement Members” subject to governing rules.

FRA mandates strict client data confidentiality and the use of its standardized contract templates, which must explicitly detail collateral, fees, and default protocols. The resolution strictly prohibits “no-loss” guarantees or loss-capping representations. Firms must provide a Risk Disclosure Statement at onboarding, to be updated annually or upon any material amendment.

Companies must retain physical records for a minimum of five years and electronic records for 15 years, ensuring FRA has full access for inspections. The Authority reserves the right to conduct on-site examinations to verify ongoing compliance with these requirements.

The resolution organizes the transition for existing securities brokerages wishing to add futures brokerage to their license. They must meet capital and equity requirements, be free of active administrative measures, and submit comprehensive technical and financial documentation.

Licensed futures brokerage firms operating at the time of the resolution’s issuance are granted a three-month grace period to regularize their status. This period may be extended upon FRA’s approval of a justified request.

This resolution reflects FRA’s commitment to build a disciplined, efficient futures market. By providing advanced tools for risk management and hedging, it enhances the competitiveness of the Egyptian capital market and boosts the confidence of both domestic and international investors.