{"id":13893071,"date":"2024-10-22T15:07:22","date_gmt":"2024-10-22T15:07:22","guid":{"rendered":"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%83%d8%aa%d8%a7%d8%a8-%d8%af%d9%88%d8%b1%d9%8a-%d8%a8%d8%b4%d8%a3%d9%86-%d8%b6%d9%88\/"},"modified":"2024-10-29T07:37:06","modified_gmt":"2024-10-29T07:37:06","slug":"%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%83%d8%aa%d8%a7%d8%a8-%d8%af%d9%88%d8%b1%d9%8a-%d8%a8%d8%b4%d8%a3%d9%86-%d8%b6%d9%88","status":"publish","type":"fra_news","link":"https:\/\/fra.gov.eg\/en\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%83%d8%aa%d8%a7%d8%a8-%d8%af%d9%88%d8%b1%d9%8a-%d8%a8%d8%b4%d8%a3%d9%86-%d8%b6%d9%88\/","title":{"rendered":"FRA issues New Guidelines for Credit Portfolio Transfers in Non-Banking Finance \u2013 Tuesday 22 October 2024"},"content":{"rendered":"<ul>\n<li><span style=\"color: #800000;\">Non-bank financing entities seeking to transfer credit portfolios must first obtain FRA\u2019s approval.<\/span><\/li>\n<li><span style=\"color: #800000;\">FRA ensures the efficiency of non-bank financial markets and protects the rights of clients.<\/span><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p>FRA headed by Dr. Mohamed Farid \u2013 FRA Chairman has issued circular no.6 of 2024 outlining new controls for the transfer of credit portfolios from non-bank financing entities to other licensed financing entities, banks, securitization companies or investment funds.<\/p>\n<p>The new guidelines aim to ensure proper oversight of non-bank financial markets and safeguard the interests of market participant.<\/p>\n<p>According to the circular, non-bank financing entities seeking to transfer credit portfolios must first obtain FRA\u2019s approval.<\/p>\n<p>The request must also include an approval from the relevant authorities overseeing the transfer.<\/p>\n<p>The rule applies to any licensed entity engaged in non-bank financing activities, such as real estate financing, financial leasing, factoring, and consumer finance, as well as institutions and NGOs engaged in MSME finance.<\/p>\n<p>The new regulations restrict the use of guarantees in consumer financing contracts to a single transfer, preventing their use in multiple transactions.<\/p>\n<p>Additionally, it requires that transferred portfolios must show regular payments from debtors, based on the transferor&#8217;s data. An electronic file detailing the credit rights to be transferred must be attached, using the Authority&#8217;s specified templates.<\/p>\n<p>Transfer agreement should also state which party is obligated to update the data in credit bureau \u201cI-score\u201d, following the rules and procedures set by the Central Bank of Egypt.<\/p>\n","protected":false},"author":94,"featured_media":12280745,"parent":0,"template":"","format":"standard","categories":[142,144],"tags":[],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/13893071"}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/94"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/12280745"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=13893071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=13893071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=13893071"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=13893071"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=13893071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}