Egypt’s FRA approves licensing of 6 financial companies

Egypt’s Financial Regulatory Authority (FRA) on Wednesday approved the incorporation and licensing of six companies to operate under its supervision, the regulator said.

The approvals were granted to Oliv, Taqa Financial Investments, Fawry Holding for Financial Investments, Tharaa Brokerage, Beltone Securities Trading, and Emirates NBD Bank.

Licences for Oliv, Taqa Financial Investments, and Fawry Holding will enable the firms to establish companies issuing securities or to increase capital. Tharaa was approved for insurance brokerage activities, Beltone Securities Trading for dealing, intermediation, and brokerage in bonds, while Emirates NBD Bank received a licence to promote and underwrite securities.

Under FRA Chairman Decision No. 3060 of 2023, the Authority’s Committee for Incorporation and Licensing of Companies is tasked with approving the establishment and licensing of non-banking financial companies, as well as amendments to articles of association, remuneration and incentive schemes, and related approvals.

The committee also oversees requests to suspend general assembly decisions of companies in the securities and consumer finance sectors, add activities, open or close branches, and manage liquidation or temporary suspensions of operations. It additionally handles the registration, renewal, and cancellation of founders’ agents.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser