Back to the complete issue
Wednesday, 30 December 2020

The FRA just joined the fight for gender equality

SMART POLICY- Gender parity is getting a push from the Financial Regulatory Authority, which will slash development and service fees by as much as half for companies and non-banking financial institutions with women comprising at least 25% of their total staff. The higher your proportion of women on your team, the lower the development fee, the FRA says without getting into specifics. Development fees are a requirement under the Capital Markets Act.

Showing proof of gender parity while doing business will also become a prerequisite for NBFIs looking to receive or renew any licenses from the FRA, according to the statement. The regulator will require these institutions to treat clients of both genders equally in all their dealings, as well as offer products and services that cater to the needs of women (which the statement does not specify), and set up a specialized unit or department or designate an individual to handle client complaints pertaining to their gender parity.

MEANWHILE- The private sector will be getting the lion’s share in the ownership of the new futures exchange, with the FRA deciding to earmark at least 75% of the exchange to financial institutions that meet solvency standards and / or with experience in futures contracts. Nobody will hold more than 10% of the futures exchange. Details on all of the foregoing in this statement from the FRA, out yesterday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.