Financial Regulatory Authority
Approved by the FRA’s Committee for the Oversight and Supervision of Carbon Emission Reduction Units, chaired by FRA head Mohamed Farid, is a significant step in Egypt's effort to combat climate change through regulated carbon trading
Trading started today, August 13th, with oversight provided by financial authorities in Egypt and across Africa.
Mohamed Farid, Chairman of the FRA, emphasized that the new regulated market represents a milestone in Egypt’s environmental and financial sectors
On Tuesday, Farid issued Decision No. 1732 of 2024, revealing the specific criteria for firms to qualify for future FRA approval
The report highlights that the first Egyptian gold investment fund, known as the AZ-Gold fund and managed by Azimut Egypt Fund and Portfolio Management Company, was launched in May 2023.
Additionally, the committee approved the creation of V.Lens, a company specializing in electronic identification, verification, and authentication services.
To stimulate liquidity and trading on both government and corporate bond markets, Farid called for increased transparency and disclosure, along with simplified and streamlined issuance procedures
These entities are the Center of Organic Agriculture in Egypt (COAE), TUV NORD Egypt Company, and the international entity TUV NORD Cert Company. The approvals are valid for a period of one year from the date of issuance
By the end of November 2023, the number of consumer finance clients also witnessed a growth of 22.8 percent, to reach 3.128 million beneficiaries, compared to 2.546 million clients at the end of November 2022
The primary objective of this resolution is to ensure the financial stability of these companies and their ability to deliver efficient services
The financial derivatives market will enable investors to better manage the risks associated with various investment instruments, and promote further investing in stocks and securities
The newly launched Resolution No. (223) of 2023 modifies Resolution No. (58) of 2018, which pertains to the regulations for licensing banks and specific non-banking financial companies to engage in investment fund activities
Within the authority’s framework and efforts to enhance regulatory capabilities, and safeguard customer rights, FRA Chairman Mohamed Farid issued Circular No. 4 of 2023
The newly established tables will be mandatory for all life and capital formation insurance companies in Egypt.
The financial market came at the top of the list, as the value of stock issuances during the second quarter amounted to about LE 97 billion.
This regulatory measure aligns with the FRA's broader goals of boosting market efficiency, protecting competitiveness, and promoting fairness in dealing and pricing.
The company has offered to repurchase shares from shareholders who object to this move at a price of LE 39.80 per share.
During last year’s COP27 conference, Egypt revealed that it would launch Africa’s first voluntary carbon market, allowing companies in Egypt and Africa to trade certified carbon credits
The minimum amount is $500 and the maximum is $10,000 per plan during the year.
The approval was granted in accordance with the decision of the FRA's Board of Directors No. 53 of 2018 and its amendments, as well as the decision of the specialized committee of the FRA dated August 6 of this year.
Most Read
