{"id":593612,"date":"2019-10-03T04:04:00","date_gmt":"2019-10-03T04:04:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/"},"modified":"2019-10-03T04:04:00","modified_gmt":"2019-10-03T04:04:00","slug":"egypts-cabinet-approves-new-banking-and-central-bank-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","title":{"rendered":"Egypt\u2019s cabinet approves new Banking and Central Bank Act"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>LEGISLATION WATCH- Cabinet greenlights Banking Act: <\/b>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, <a href=\"http:\/\/www.cabinet.gov.eg\/Arabic\/MediaCenter\/CabinetNews\/Pages\/the-Council-of-Ministers%27-Meeting-No.-59.aspx\">according to a cabinet statement<\/a>. The draft will now head to the Council of State before being introduced to the House of Representatives. As we <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/30\/spotlight-on-the-fifth-legislative-session-of-the-house\/\">noted in our legislative preview on Monday<\/a>, the Banking Act is among the key bills expected to keep the House busy this fall. CBE Governor Tarek Amer, who was present during the cabinet meeting yesterday, handed over the act <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/15\/cbe-boss-presents-draft-banking-act-to-cabinet\/\">last May<\/a>.<\/p>\n<p><b>The CBE will hold a presser today to discuss the act<\/b>, the final draft of which was seen by Enterprise.<\/p>\n<p><b>No \u2018industry development\u2019 tax: <\/b>The industry development tax, unpopular with investors and the banking community, has been set aside in favour of an industry-wide 1% tithe on profits to finance a bailout fund that would insure banks against bankruptcy. The act also lays out procedures for how banks would file for bankruptcy protection.<\/p>\n<p><b>No term limits for MDs? <\/b>The imposition of term limits for bank managing directors that had previously been controversial with the banking community and bank shareholders did not appear to be included in the draft we reviewed.<\/p>\n<p><b>The law, if passed in the form we saw, would also:<\/b><\/p>\n<ul>\n<li>Introduce measures for <b>licensing e-payment and fintech businesses<\/b> and explicitly authorize the CBE to <b>regulate cryptocurrencies<\/b>;<\/li>\n<li><b>Update licensing and ownership regulations<\/b>, with the inclusion of a stipulation that no one individual or a related group could hold more than 10% of a bank\u2019s equity without prior approval of the central bank;<\/li>\n<li>Hike, <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\">as expected<\/a>, the <b>minimum capital requirement<\/b> 10x to EGP 5 bn and 3x for foreign banks to USD 150 mn;<\/li>\n<li><b>Establish a \u201cfinancial stability\u201d committee<\/b> to prepare for and avert financial crises. The prime minister, the CBE governor, the finance minister and the chair of the Financial Regulatory Authority would all sit on the committee;<\/li>\n<li><b>Set up an industry association <\/b>for the sector. (It is unclear whether this is in reference to the Federation of Egyptian Banks or a new entity.)<\/li>\n<\/ul>\n<ul>\n<li><b>Introduce measures to ensure data protection and customer privacy<\/b>, including requiring banks to obtain written consent for indirect or direct data dissemination;<\/li>\n<li><b>Require all banks\u2019 fiscal years to begin in January<\/b> (many state-owned institutions end their FY on 30 June, as does the government);<\/li>\n<li><b>Require banks to publish quarterly financials<\/b> in at least one daily newspaper and on their websites;<\/li>\n<li><b>Give banks 1-3 years to comply <\/b>with the new provisions of the law;<\/li>\n<\/ul>\n<p><b>ALSO YESTERDAY- <\/b>Cabinet signed off on a new unified tax payment system that will see MPs debating a bill to create a single tax filing system for income tax, stamp tax and VAT. The bill was first reviewed by cabinet <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/01\/cabinet-greenlights-proposed-legislation-on-new-unified-tax-payment-system\/\">in July<\/a>. Ministers also signed off on <b>an amendment to the <\/b><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/10\/house-splits-media-acts-second-part-into-three-separate-bills-general-assembly-vote-expected-today\/\"><b>Press and Media Act<\/b><\/a>allowing media outlets to contribute to public-interest campaigns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 head to the Council of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593613,"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":[204,5066,72,7087,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-banking-and-central-bank-act","tag-enterpriseam","tag-finance","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c0259657-d7c8-4acf-92ae-7cdcf80435f9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[593607],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s cabinet approves new Banking and Central Bank Act - 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\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s cabinet approves new Banking and Central Bank Act\" \/>\n<meta property=\"og:description\" content=\"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 head to the Council of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-03T04:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.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\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s cabinet approves new Banking and Central Bank Act\",\"datePublished\":\"2019-10-03T04:04:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\"},\"wordCount\":503,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"Banking and Central Bank Act\",\"EnterpriseAM\",\"Finance\",\"legislation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\",\"name\":\"Egypt\u2019s cabinet approves new Banking and Central Bank Act - 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No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599890,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/central-bank-of-egypt-finalizes-draft-banking-act-sends-to-cabinet-for-review\/","url_meta":{"origin":593612,"position":1},"title":"Central Bank of Egypt finalizes draft Banking Act, sends to Cabinet for review","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- The central bank has finished drafting its new Banking Act and has sent it to the Madbouly Cabinet for review, Youm7 quotes CBE Deputy Governor Lobna Helal as having said yesterday at CI Capital\u2019s MENA Investors Conference. The timing of cabinet\u2019s review remains unclear. CBE Governor Tarek Amer\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":621701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/is-the-central-bank-of-egypt-done-revising-the-banking-act\/","url_meta":{"origin":593612,"position":2},"title":"Is the Central Bank of Egypt done revising the Banking Act?","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the CBE done preparing its revised banking act? 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 &quot;Speed Round&quot;","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":622061,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/26\/central-bank-putting-final-touches-on-revised-banking-act-to-present-it-by-year-end\/","url_meta":{"origin":593612,"position":3},"title":"Central bank \u201cputting final touches\u201d on revised Banking Act to present it by year end","author":"enterpriseam admin","date":"26 November 2018","format":false,"excerpt":"LEGISLATION WATCH- The central bank is \u201cputting the final touches\u201d on the revised Banking Act and is on track to present it to the Madbouly Cabinet by the end of the year, unnamed sources said. CBE Governor Tarek Amer had discussed with President Abdel Fattah El Sisi earlier this month\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":602617,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/new-banking-act-will-not-impose-term-limits-on-banks-managing-directors\/","url_meta":{"origin":593612,"position":4},"title":"New Banking Act will not impose term limits on banks\u2019 managing directors","author":"enterpriseam admin","date":"2 April 2019","format":false,"excerpt":"LEGISLATION WATCH- There are no term limits for bank managing directors in the draft of the amended Banking Act now being reviewed by cabinet, Al Masry Al Youm reports, citing unnamed sources. The story pours cold water on suggestions earlier this week that a recent shakeup in the top ranks\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":626778,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/11\/revised-banking-act-wont-be-ready-for-public-debate-before-4q2018\/","url_meta":{"origin":593612,"position":5},"title":"Revised Banking Act won\u2019t be ready for public debate before 4Q2018","author":"enterpriseam admin","date":"11 July 2018","format":false,"excerpt":"LEGISLATION WATCH- A revised Banking Act won\u2019t be ready for public discussion before 4Q2018: The central bank will not be ready to present its long-planned overhaul of the bill to the Madbouly Cabinet until 4Q2018, a source familiar with the matter said. CBE Governor Tarek Amer had said back in\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=593612"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593612\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593607"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593613"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593612"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593612"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}