CAIRO - 25 ِAugust 2022: Egypt’s Prime Minister, Mostafa Madbouli, issued Thursday a decision to restructure the Board of Directors of the Financial Regulatory Authority (FRA), for a period of four years, headed by the Chairman of the Board of Directors of the Authority, Mohamed Farid Saleh.
The decision - which was published in the Official Gazette (Al-Waqa’a Al-Masrya) - stipulated the formation of the authority’s board of directors, which includes Islam Abdel Azim Azzam, as Vice Chairman of the Board of Directors, and Ahmed Abdel Rahman Al Sheikh, as Vice Chairman of the Board of Directors.
The formation of the board of directors also included the appointment of one of the two deputy governors of the Central Bank to be chosen by the bank’s governor. It also included Ashraf Al-Arabi, Khaled Seri Siam, Marian Amir Azer, Rasha Ragheb and Tarek Mansour as members with experience in the economic, financial and legal fields.
The Prime Minister had issued a decision - early this August - appointing Mohamed Farid Saleh as acting Chairman of the Board of Directors of the FRA, for a period of one year.
The Board of Directors of the Authority is the highest administrative authority, and is responsible for organizing and managing all the affairs of the Authority, and for developing and implementing the policies necessary to achieve its objectives.
The Board shall have the authority to take the final decisions it deems necessary to accomplish the functions of the Authority without the need for the approval of a higher authority. In particular, it has the authority to set the Authority’s general strategy and executive policies and to monitor their implementation, and to set executive rules for organizing and licensing the practice of activities that the Authority is competent to monitor.
Furthermore, it’s responsible for setting the rules for inspection and control over the entities and individuals subject to the authority’s control, with determining the fees for the services they provide to the authority, expressing an opinion on all draft laws and decisions related to activities regulated by law, and approving the authority’s organizational structure, financial and administrative regulations and personnel affairs without being restricted by the regulations and systems in force in public and governmental bodies in this regard.
What’s more, it sets rules for seeking the assistance of local and foreign expertise to assist the Authority in carrying out its work, and approving the Authority’s estimated budget and its final account.