Financial Supervisory Authority (Egypt)

Financial Supervisory Authority
لهيئة العامة للرقابة المالية
Agency overview
Formed July 2009
Superseding agency
  • Capital Market Authority
Jurisdiction Egypt
Headquarters Egypt Cairo, Egypt
Agency executive
  • Mr. Sherif Samir Samy, Chairman
Website http://www.efsa.gov.eg/

The Financial Supervisory Authority (Egyptian Arabic: لهيئة العامة للرقابة المالية‎‎) is the integrated government agency that regulates the financial service industry in Egypt. The agency supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing, factoring and securitization.

History

With the passing of Law no. 10, 2009, issued on February 25, 2009, the agency was established and became operationally effective on July 1, 2009. It replaced three major regulating authorities: the Capital Market Authority, the Insurance Supervisory Authority, and the Mortgage Finance Authority. This unification was intended to foster Egypt's financial sector.

Establishing the new authority is part of at a series of reforms aimed to strengthen the stability and security of the non-banking financial sector in Egypt and its interoperability with the banking sector. This move came against a backdrop of the global economic and financial crisis of 2007–2010 which highlighted the need for integrity and transparency in financial markets.

Ashraf El-Sharkawy headed the authority after the January 2011 uprising.[1]

Responsibilities and structure

The Financial Supervisory Authority supervises all non-banking financial transactions and markets including importantly capital markets, derivative markets on financial assets and commodities, insurance contracts and services, mortgage finance, financial leasing, factoring and securitization.

The agency is an ordinary member of the International Organization of Securities Commissions (IOSCO). Both Cairo and Alexandria Stock Exchanges (CASE) as well as Misr Company for Central Clearing, Depository & Registry (MCDR) have membership of the IOSCO too, but they are affiliate members.

The headquarters is located in Smart Village.

See also

References

  1. ↑ "Who's who: Meet Egypt's 10 new ministers in Sherif Ismail's cabinet". Ahram Online. March 23, 2016.
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