{"id":543893,"date":"2022-02-23T03:52:07","date_gmt":"2022-02-23T03:52:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/a-busy-day-in-the-house-gives-us-future-flow-securitization-new-eviction-rules\/"},"modified":"2022-02-23T03:52:07","modified_gmt":"2022-02-23T03:52:07","slug":"a-busy-day-in-the-house-gives-us-future-flow-securitization-new-eviction-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/a-busy-day-in-the-house-gives-us-future-flow-securitization-new-eviction-rules\/","title":{"rendered":"A busy day in the House gives us future flow securitization, new eviction rules"},"content":{"rendered":"

<\/a> Say hello to future flow securitization:<\/strong> The House of Representatives\u2019 general assembly gave its final approval yesterday to amendments to the Capital Markets Act that will introduce future flow securitization, according to Al Borsa<\/a>. Cabinet approved the amendments necessary to create the capital-raising tool in November<\/a> after the Financial Regulatory Authority issued last May<\/a> regulations that paved the way.<\/p>\n

What on earth is future flow securitization, you ask?<\/strong> Future flow securitization differs from traditional securitization<\/a> in that it allows the securitization of payments that aren\u2019t on the company\u2019s balance sheet yet, giving companies access to liquidity without needing a big portfolio of accounts receivable (think: home and car financing, leasing portfolios and the like). Future income, whether from club memberships, phone bills, utility payments, tuition fees or rent, is packaged into securities and offered to investors in order to raise capital. This gives public- and private-sector companies such as utilities providers, healthcare companies, telecom players, and education outfits new ways to create liquidity.<\/p>\n

Landlords will be able to evict organizations from non-residential properties soon(-ish)<\/strong>, after the House gave its final approval to amendments to the \u201cold rent\u201d law, Al Masry Al Youm<\/a> reports. The amendments, which come into effect in five years, will raise the rent for organizations, government agencies, public and private companies, embassies, and other entities leasing properties under the old rent system. Rent will be increased fivefold for the first year after the law is passed, with an annual 15% increase until the amendments come into effect. Once the five-year period passes, the law lays out a judicial path for landlords to evict these tenants and set new rent rates according to market prices. The House Housing Committee signed off<\/a> on the bill last month.<\/p>\n

Amendments to the Real Estate Registry Act also earned final sign-off <\/strong>from the House general assembly yesterday, Al Borsa<\/a> reports. The amendments are designed to streamline the real estate registration process by significantly reducing the number of documents needed, digitizing parts of the procedures, and putting a time ceiling on the entire process. The House had given its first nod to the amendments earlier this month<\/a>, after they received sign-off from the House Legislative Committee in January<\/a>.<\/p>\n

Not included in the final text of the law:<\/strong> A clause setting out the exact administrative fees to be levied on filing registration forms. A number of MPs in the House Legislative Committee had originally requested that the bill \u2014 which does not specify that registration forms are filed with tax offices without charge \u2014 include the exact fee, rather than leave that to be determined in the executive regulations to the law. The committee\u2019s final report on the bill indicated that the Justice Ministry will have the authority to determine the fee, which is not required in the text of the law, according to Masrawy<\/a>.<\/p>\n

Next steps: <\/strong>The three bills will now make their way to President Abdel Fattah El-Sisi to be signed into law. Executive regulations will follow.<\/p>\n

OTHER LEGISLATION NEWS- The House rejected amendments to the Income Tax Act<\/strong> that would have seen property owners pay a lump sum tax ranging from EGP 1.5k - 4k when they register real estate assets that were sold before the original law came into effect in 2013, Ahram Online<\/a> reports. Properties sold after that date would have continued being subject to the current 2.5% tax paid by sellers on properties\u2019 disposition or quick sale value. MPs reportedly said the new bill would discourage people from registering their properties and inflict economic hardship on low-income families. The Planning and Budget Committee had greenlit<\/a> the amendments earlier this month.<\/p>\n

What now?<\/strong> The amendments will be sent back to the Planning and Budget Committee for redrafting, according to Ahram Online.<\/p>\n","protected":false},"excerpt":{"rendered":"

Say hello to future flow securitization: The House of Representatives\u2019 general assembly gave its final approval yesterday to amendments to the Capital Markets Act that will introduce future flow securitization, according to Al Borsa. Cabinet approved the amendments necessary to create the capital-raising tool in November after the Financial Regulatory Authority issued last May regulations […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[971,72,1040,274,180,187,713],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543893","post","type-post","status-publish","format-standard","hentry","category-legislation-watch","tag-capital-markets-act","tag-enterpriseam","tag-eviction","tag-house-of-representatives","tag-legislation","tag-legislation-watch","tag-real-estate-registry-act","wpautop","entry"],"acf":{"mongo_id":"816751ef-44a9-41d3-bf8d-94d632ccf80b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543889],"teaser":"","voice_url":""},"yoast_head":"\nA busy day in the House gives us future flow securitization, new eviction rules - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/a-busy-day-in-the-house-gives-us-future-flow-securitization-new-eviction-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A busy day in the House gives us future flow securitization, new eviction rules\" \/>\n<meta property=\"og:description\" content=\"Say hello to future flow securitization: The House of Representatives\u2019 general assembly gave its final approval yesterday to amendments to the Capital Markets Act that will introduce future flow securitization, according to Al Borsa. 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Future flow securitization differs from traditional securitization in that it allows the\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555758,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/securitize-that\/","url_meta":{"origin":543893,"position":1},"title":"Securitize that","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"A new form of securitization is closer to being introduced to the Egyptian market after cabinet yesterday green-lit amendments to the Capital Markets Act at its weekly meeting. The statement was short on details but the Financial Regulatory Authority later clarified that the changes are related to its proposals from\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562273,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/","url_meta":{"origin":543893,"position":2},"title":"Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"A new type of securitization under consideration by regulators could stoke the Egyptian market: Utilities and other companies that provide ongoing services to the public may soon be able to raise capital by securitizing future cashflows under a new instrument greenlit by the Financial Regulatory Authority last week, the regulator\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546528,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/cira-could-be-the-first-to-tap-the-future-flow-securitization-market\/","url_meta":{"origin":543893,"position":3},"title":"CIRA could be the first to tap the future flow securitization market","author":"enterpriseam admin","date":"19 May 2022","format":false,"excerpt":"CIRA could issue Egypt\u2019s first future flow securities: EGX-listed private sector education outfit CIRA is in talks with the Financial Regulatory Authority (FRA) to issue EGP 1.5 bn worth of future flow securities, a source with first-hand knowledge of the transaction told Enterprise yesterday. The securities will be backed by\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548172,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/ciras-maiden-future-flow-bond-issuance-could-close-next-month\/","url_meta":{"origin":543893,"position":4},"title":"CIRA\u2019s maiden future flow bond issuance could close next month","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"It\u2019s official: CIRA\u2019s future flow securitization program has gotten the nod from the Financial Regulatory Authority (FRA), which has given EFG Hermes the final go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance to market. The offering is Egypt\u2019s first-ever future flow securitization, CIRA and the regulator\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547778,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/cira-moves-one-step-closer-to-future-flow-securities\/","url_meta":{"origin":543893,"position":5},"title":"CIRA moves one step closer to future flow securities","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"CIRA shareholders greenlight future flow securitization: Shareholders of EGX-listed education provider CIRA have approved the company\u2019s plans for a EGP 2 bn future flow securitization program, moving it a step closer to debuting the asset-backed securities in Egypt, it said in an EGX disclosure (pdf) on Monday. 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