الهيئة العامة للرقابة المالية

FRA Extends Financial Statement Deadlines for Insurance Companies – Thursday 11 September 2025

• A one-and-a-half-month extension has been granted for the submission of financial statements for the period ending June 30, 2025. The new deadline is now October 31, 2025.
• The decision was made to facilitate operations for companies and to ensure a favorable business environment that supports their growth and development.

 FRA Board of Directors has issued Resolution No. 223 of 2025, extending the deadline for insurance companies to submit their periodic financial statements.

This decision reflects FRA’s ongoing commitment to foster a favorable business environment that supports the insurance sector’s growth and development. The extension provides companies with the necessary time to prepare their financial statements in full compliance with the new rules of the Unified Insurance Law No. 155 of 2024.

FRA has extended the deadline for insurance companies to submit their periodic financial statements for the financial period ending June 30, 2025. The new deadline is now October 31, 2025, a one-and-a-half-month extension from the original date of September 15, 2025. Companies must provide their auditor with the board-approved financial statements for review by September 21, 2025 and notify the Authority accordingly. The resolution also grants an additional 15-days extension to companies whose investments include one or more insurance firms.

FRA is dedicated to strengthen the insurance sector by continuously developing its legislative and regulatory frameworks. Through these efforts and supportive policies, FRA aims to boost market efficiency and achieve key goals of social protection, financial sustainability and broad access to insurance services.

FRA Board Extends Gratitude to Dr. Islam Azzam Following His Appointment as EGX Chairman – Thursday 11 September 2025

FRA Board of Directors met with Dr. Islam Azzam for the first time since his appointment as Executive Chairman of the Egyptian Exchange. The Board thanked him for his contributions and hard work as FRA’s former Vice Chairman.

Dr. Mohamed Farid, FRA Chairman and the board members praised Dr. Azzam’s efforts in developing the non-banking financial sector and wished him success in his new role at the EGX.

The meeting laid out a roadmap for closer coordination to develop Egypt’s Capital Market. The primary goals are to boost efficiency, enhance competitiveness and introduce new financial products to deepen the market. All efforts will prioritize market stability and investor protection while increasing liquidity and trading.

It is worth noting that Prime Minister Dr. Mostafa Madbouly issued Decree No. (2812) of 2025 appointing Dr. Islam Azzam as Executive Chairman of the Egyptian Exchange for one year.

FRA Publishes Annual Sustainability Report 2024 – Sunday 7 September

• The report details the significant progress the Authority made in achieving its sustainability goals throughout the year.
• The launch of the Voluntary Carbon Market is among the most notable efforts of the year, following the issuance of 9 regulatory decisions.
• The Authority measured its carbon footprint for 2024 in an unprecedented step as the first regulatory body to do so.

The Financial Regulatory Authority (FRA) chaired by Dr. Mohamed Farid has published its Annual Sustainability Report 2024. The report offers a detailed look at the Authority’s strategic transition toward a greener and more sustainable economy. It documents the key initiatives and qualitative changes implemented by FRA throughout the year, highlighting major sustainability issues addressed and the tangible outcomes achieved. This demonstrates a strong alignment between Egypt’s ambitious development plans and their practical execution.

According to the report, FRA’s most significant accomplishment in 2024 was the finalization of the legislative framework for the Voluntary Carbon Market, followed by its official launch. This milestone event, attended by six ministers and all relevant stakeholders, represents a major stride toward establishing a low-emission economy and reaffirms the Authority’s dedication to foster a sustainable and balanced environmental system.

The report also outlines various sustainability practices adopted by FRA to integrate environmental, social and economic considerations, in line with Egypt’s Vision 2030. These efforts included promoting the Voluntary Carbon Market both locally and globally, enhancing climate-related financial instruments, and increasing their issuance. As a direct result, the market successfully registered projects from Egypt, Oman, Nepal, India and Bangladesh.

The report also includes an annex detailing the measurement of the Authority’s 2024 carbon footprint. This was a landmark move, as FRA is the first Egyptian regulatory body to measure its own emissions. The measurement was performed by a specialized national firm, which is officially registered with FRA as a Validation and Verification Body (VVB).

These VVBs, both local and foreign, are tasked with a crucial role: measuring, registering and documenting environmental projects aimed at reducing carbon emissions. They do this by carefully reviewing project details, including objectives, technology used and projected emissions reductions. Their evaluations and information verification ensure that investors and the public can trust that registered projects are meeting their stated goals. FRA currently has six VVBs registered.

These initiatives are part of FRA’s broader commitment to support Egypt’s state-led efforts to develop regulated markets, first announced at COP27. The Authority’s work led to the issuance of nine regulatory decisions that established the regional framework for the Voluntary Carbon Market. This framework has enabled the creation of five registries and the operation of six VVBs, which have facilitated the registration of approximately 34 projects from five countries namely Egypt, Oman, Nepal, India and Bangladesh. These projects have already contributed to the treatment of over 170,000 tons of carbon emissions.

FRA implemented a series of key measures to establish the Voluntary Carbon Market. First, based on a proposal from its board, FRA secured Prime Minister’s Decree No. 4664 of 2022. This decree amended the Capital Market Law, officially designating carbon credits as a financial instrument. Following this, the first Carbon Credit Regulatory Committee (CCRC) to control and supervise carbon emission reduction units (CERUs) was formed with its specific powers defined.

Next, the Authority focused on regulatory standards. It issued a decision outlining the criteria for registering Validation and Verification Bodies (VVBs) on its official registry. This was followed by the creation of rules for listing and delisting carbon credits on Egyptian Stock Exchanges. FRA also established accreditation standards for local voluntary carbon registries. These registries serve as secure, electronic central custody systems for issuing, recording and tracking the ownership transfer of carbon credits generated from reduction projects. Finally, the Authority accredited the trading and settlement rules for voluntary carbon credits on the Egyptian Exchanges.

To view the report, click here.