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Non - Banking Financial
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Does the Egyptian Financial Supervisory Authority (EFSA) replaces the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Egyptian Mortgage Finance Authority?

What is the legislative framework regulating the work of the EFSA ?

When did the EFSA started to function ?

In which premises do the transactions with the EFSA and filing of applications for the services it delivers take place ?

How can one contact the EFSA to inquire about the work used to be done by any of the three authorities ?

Does the Egyptian Financial Supervisory Authority (EFSA) replaces the Egyptian Insurance Supervisory Authority (EISA), the Capital Market Authority (CMA), and the Egyptian Mortgage Finance Authority?

According to Law No. 10 of the year 2009 regarding regulation of non-banking, financial markets and instruments, Article (3) therein states that “the Egyptian Financial Supervisory Authority (EFSA) shall replace the Egyptian Insurance Supervisory Authority, the Capital Market Authority, and the Egyptian Mortgage Finance Authority as regards enforcement of provisions of Law on Supervision and Oversight of Insurance promulgated by Law No. 10 of 1981, the Capital Market Law No. 95 of the year 1992, the law on depository and central registry of securities promulgated by Law No. 93 of the year 2000, and Law on Mortgage Finance promulgated by Law No. 148 of the year 2001. The EFSA shall also replace these authorities as regards their jurisdiction under any other laws or decrees.

The Authority is considered the administrative entity authorized to apply the provisions of the financial lease law promulgated by Law No. 95 of the year 1995.

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What is the legislative framework regulating the work of the EFSA ?

Presidential Decree No. 192 of the year 2009 regarding the Statute of the EFSA, Chapter I, sets out the legal form of the Authority and its headquarters. It states that the Authority is a public legal person reporting to the Minister of Investment, and that its headquarters is in the Smart Village in the Sixth-of-October Governorate. It also makes it permissible to establish branches and offices for the Authority according to the needs of business. Law No. 10 of the year 2009 regarding Regulation of Oversight of Non-Banking, Financial Markets and Instruments was issued to unify policies, rules and procedures organizing operations of the non-banking, financial sector through the establishment of one single authority, i.e. “the Egyptian Financial Supervisory Authority”, to supervise all non-banking, financial activities; organize, develop and maximize their competitiveness for attracting more local and foreign investments; work on limiting risks of lack of coordination; and solve problems resulting from difference in oversight methods or means. The Egyptian Financial Supervisory Authority (EFSA) has replaced the Capital Market Authority, the Egyptian Mortgage Finance Authority, and the Egyptian Insurance Supervisory Authority.

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When did the EFSA started to function ?

The EFSA started to practice its functions effective 1/ 7/ 2009. All executive and administrative procedures necessary for its operation were taken as scheduled.

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In which premises do the transactions with the EFSA and filing of applications for the services it delivers take place ?

Services related to the activities of insurance, capital market, mortgage finance, and financial lease are delivered through the Central Department for Market Services, at the EFSA office located at 28 Talaat Harb St., 2nd Fl.

Dealing with the public at the EFSA Office at 20 Emad el-Din St., is limited to delivering financial statements, prospectuses, issues of securities and purchase offers.

These services are delivered with the purpose of facilitating matters for the public at present until the complete integration of the functions of the control entities for non-banking, financial markets and in accordance with the provisions of the Law on Regulations of Non-Banking, Financial Markets and Instruments promulgated by Law No. 10 of the year 2009.

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How can one contact the EFSA to inquire about the work used to be done by any of the three authorities ?

The Central Department for Market Services: 28 Talaat Harb St., 2nd Fl., Cairo. Tel. 25758807 / 25758423/ 25758423 / 25762994

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