The Egyptian Financial Supervisory Authority (EFSA, arz, الهيئه العامه للرقابه الماليه) is a financial regulatory authority that regulates the financial service industry in

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...

. It is an

Egyptian Government The politics of Egypt are based on republicanism, with a semi-presidential system of government. The current political system was established following the 2013 Egyptian military coup d'état, and the takeover of President Abdel Fattah el-Sisi. ...

integrated agency that supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing and factoring.

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 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

which highlighted the need for integrity and transparency in financial markets. Ashraf El-Sharkawy headed the authority after the January 2011 uprising. The agency was known as the ''Egyptian Financial Supervisory Authority'' (EFSA) in English until Nov 2017 when it was rebranded in English only as the ''Financial Regulatory Authority''.

Responsibilities and structure

The Financial Supervisory Authority supervises all non-banking financial transactions and

markets Market is a term used to describe concepts such as: * Market (economics), system in which parties engage in transactions according to supply and demand * Market economy *Marketplace, a physical marketplace or public market Geography *Märket, a ...

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 The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world's securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdic ...

(IOSCO). Both Cairo and Alexandria Stock Exchanges (CASE), as well as ''Misr Company for Central Clearing, Depository & Registry'' (MCDR), have a membership of the IOSCO too, but they are affiliate members. The headquarters is located in Smart Village.

References

{{DEFAULTSORT:Financial Regulatory Authority (Egypt)

2009 establishments in Egypt Government agencies established in 2009

History

Responsibilities and structure

See also

References