{"id":571603,"date":"2020-05-18T03:56:40","date_gmt":"2020-05-18T03:56:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/"},"modified":"2020-05-18T03:56:40","modified_gmt":"2020-05-18T03:56:40","slug":"house-approves-draft-banking-act-with-new-provisions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/","title":{"rendered":"House approves draft Banking Act with new provisions"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- House approves draft Banking Act with new provisions: <\/strong>The House of Representatives has approved the long-awaited Banking and Central Bank Act with several new provisions and shipped it off to the State Council for final legal review, the local press reported yesterday<\/a>, citing MENA. The legislation, which received a preliminary nod from the House earlier this month<\/a>, would give the Central Bank of Egypt (CBE) increased discretionary powers to regulate the banking sector. The bill won\u2019t become a law until returned to the House for a final vote by the general assembly. <\/strong>It would also require President Abdel Fattah El Sisi\u2019s signature.<\/p>\n

CBE to issue licenses for credit risk guarantee companies<\/strong>:<\/strong> The law\u2019s latest provision, added yesterday<\/a> after a proposal from the CBE, will put the central bank in charge of licensing companies that want to offer credit risk guarantees. Credit risk guarantee arms must be established for the sole purpose of providing services to protect receivables against defaults and must have a minimum of EGP 50 mn in paid-in and issued capital. Companies interested in setting up credit guarantee arms will be subject to a EGP 100k \u201cinspection fee\u201d and EGP 50k for every other new branch.<\/p>\n

Authorization for bank bailouts:<\/strong> The law will allow the CBE to provide short-term bailout funding to struggling banks. This would come in the form of a three-month to one-year loan carrying an interest higher than the market average.<\/p>\n

The law will also not affect the current CBE board and the boards of commercial banks,<\/strong> which will only be shuffled to comply with the new stipulations after their terms expire. Under the legislation, future boards and chairmen of state-owned banks will be appointed by the Prime Minister and will be subject to some form of competency approval from the CBE.<\/p>\n

Background: <\/strong>The draft Banking Act, which has been in the works since 2017, will replace the 2003 Banking Act, as well as cancel overlapping provisions in related laws. Besides increasing the CBE\u2019s oversight over the sector, the law would introduce measures governing e-payment, fintech businesses, and cryptocurrencies, as well as strengthen data protection and consumer privacy. The legislation would also put in place a 1% levy on bank profits to endow an industry development fund. Banks will have 1-3 years to comply with the new provisions once it\u2019s signed into law. You can find out more here<\/a> and here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- House approves draft Banking Act with new provisions: The House of Representatives has approved the long-awaited Banking and Central Bank Act with several new provisions and shipped it off to the State Council for final legal review, the local press reported yesterday, citing MENA. The legislation, which received a preliminary nod from the […]<\/p>\n","protected":false},"author":1,"featured_media":571604,"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":[8572],"tags":[5066,72,180,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking-and-central-bank-act","tag-enterpriseam","tag-legislation","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d8ff7c31-d68b-4d6c-8c97-b7a2992128a2","is_powered_by":true,"section_story_id":"94b196e3-d276-4bda-804d-a1d65b1fdd3e","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/188.jpg","photo_position":"above","related_issue":[571591],"teaser":"","voice_url":""},"yoast_head":"\nHouse approves draft Banking Act with new provisions - 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\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves draft Banking Act with new provisions\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- House approves draft Banking Act with new provisions: The House of Representatives has approved the long-awaited Banking and Central Bank Act with several new provisions and shipped it off to the State Council for final legal review, the local press reported yesterday, citing MENA. The legislation, which received a preliminary nod from the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-18T03:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/188.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House approves draft Banking Act with new provisions\",\"datePublished\":\"2020-05-18T03:56:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\"},\"wordCount\":407,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/188.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banking and Central Bank Act\",\"EnterpriseAM\",\"legislation\",\"regulation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/\",\"name\":\"House approves draft Banking Act with new provisions - 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CBE Governor Tarek Amer discussed with President Abdel Fattah El Sisi yesterday the long-planned overhaul of the Central bank and Banking Act, Ittihadiya said. A source familiar with the matter had said earlier this year that the central bank\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":571603,"position":1},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. The draft will now\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573100,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/20\/house-approves-amendment-to-public-enterprises-act-postpones-approval-on-central-bank-act-covid-19-salary-tax\/","url_meta":{"origin":571603,"position":2},"title":"House approves amendment to Public Enterprises Act, postpones approval on Central Bank Act, covid-19 salary tax","author":"enterpriseam admin","date":"20 July 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves amendment to Public Enterprises Act, postpones approval on Central Bank Act, covid-19 salary tax: The House of Representatives yesterday approved an amendment to the Public Enterprises Act that would allow the Sovereign Fund of Egypt to assume ownership of assets belonging to public sector companies, Al\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571247,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/05\/parliament-gives-preliminary-thumbs-up-to-banking-act\/","url_meta":{"origin":571603,"position":3},"title":"Parliament gives preliminary thumbs-up to Banking Act","author":"enterpriseam admin","date":"5 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves proposed Banking Act \u201cin principle\u201d: The House of Representatives yesterday gave preliminary approval to the proposed Banking and Central Bank Act, according to a local press report citing state news agency MENA. 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