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Thursday, 14 February 2019

Cabinet nods to law granting Egypt’s FRA operational autonomy

CABINET WATCH- Cabinet gives nod to autonomy for the Financial Regulatory Authority: The Madbouly Cabinet approved yesterday a draft act that would grant the Financial Regulatory Authority (FRA) technical, financial and administrative autonomy from the government, according to a statement. The proposed law would require the FRA to submit an annual report on its activities and the performance of the non-banking financial services industry to the president, prime minister, and House speaker. The bill also outlines the structure of the authority and the procedures for appointing its head and board members, but provides few other details on how the FRA’s role would change. The regulator was established in 2009 as an independent entity but is still subject to oversight from (and reports to) cabinet.

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