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Monday, 6 November 2017

EFSA becomes FRA

To save us here at Enterprise a keystroke, the Egyptian Financial Supervisory Authority (EFSA) has rebranded itself (in English only) to FRA. The Egyptian Financial Supervisory Authority — EFSA — announced yesterday that it has changed its English-language name to the Financial Regulatory Authority, or the FRA. The authority will be working to make the change official over the coming weeks on its documents and website. (Snark aside, this kinda makes sense, we think.)

Also yesterday, the FRA formed a consulting committee made up of industry experts to aid in the capital market development strategy, Al Borsa says. In addition to amendments to the Capital Markets Act, the government has also been working on making new financial instruments available to investors, including a commodities exchange, sukuk, short-selling, and secondary bond markets.

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