House approves Leasing and Factoring Act
LEGISLATION WATCH- House approves Leasing and Factoring Act: The House of Representatives gave its final approval to the Leasing and Factoring Act during a plenary session yesterday, Al Masry Al Youm reports. The law, which regulates leasing and factoring as non-banking financing tools that are subject to oversight by the Financial Regulatory Authority (FRA), limits players in the field to leasing and factoring upon establishment, leaving further expansion to FRA approval. We have yet to see the full text of the law in its final form. Investment Minister Sahar Nasr said the law will be good for SMEs and entrepreneurs, according to a ministry statement (pdf).
House Speaker Ali Abdel Aal also referred the draft Anti-Terror Act to a subcommittee bringing together members of the constitution, defense and national security committees, according to the newspaper. The House also gave the green light to an extradition treaty with Belarus, which was signed in January, Ahram Gate reports.