Egypt names Abdel Moaty acting head of FSA

Big 5

Egypt’s government has picked Reda Abdel Moaty to lead the Egyptian Financial Supervisory Authority (EFSA), the agency responsible for the supervision of non-banking financial markets and instruments.

Abdel Muty, will serve as acting chairman of the EFSA, Egyptian Investment Minister Sahar Nasr said Monday. Abdel Muty succeeded Sherif Samy, whose term ended on August 6.

Abdel Muty has previously worked as the deputy chairman of EFSA during Samy’s tenure.

He joined the EFSA as a legal advisor in 2011. He participated in preparing and drafting several draft laws and regulations related to insurance and other financial, economic and investment aspects, according to the EFSA’s website.

Earlier, Abdel Moaty worked as a legal advisor for various entities, including, Suez Canal University, Alexandria Sanitary Drainage Company, and the Ministry of Youth and Sports. He worked in Kuwait as a Legal Advisor from 1999 to 2004.