Egypt's FRA studies applying Basel 3 standards at financial sector companies

CAIRO - 9 March 2023: Chairman of the Financial Regulatory Authority (FRA),Mohamed Farid, said that the authority is studying the application of Basel 3 standards at the level of companies operating in the financial field to ensure the adequacy of their capital in the financing process.

 

Mohamed Farid added, during a conference, Thursday, that the authority is also studying increasing the minimum limits for insurance companies’ capital.

 

He noted that the new unified insurance law, which is expected to be issued soon, includes the safety of the financial sector for financial companies and an increase in the minimum limits.

 

Farid stressed that it includes the application of international standards in the process of financial stability of companies.

 

He pointed out that the Authority is making unremitting efforts in regulating carbon markets for companies at the level of the executive framework, not just the legislative and regulatory framework.