{"id":598293,"date":"2019-05-21T02:11:10","date_gmt":"2019-05-21T02:11:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/"},"modified":"2019-05-21T02:11:10","modified_gmt":"2019-05-21T02:11:10","slug":"banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/","title":{"rendered":"Banking Act to impose term limits on board members at state-owned banks"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>LEGISLATION WATCH- Banking Act to impose term limits on board members at state-owned banks:<\/b> The new draft Banking Act would, if passed, would put a cap of three consecutive terms on board members of state-owned banks, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/5\/20\/1571374\/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%85%D8%AF%D8%A9-%D8%B9%D8%B6%D9%88-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D9%8A-3-%D8%AF%D9%88%D8%B1%D8%A7%D8%AA-%D9%85%D8%AA%D8%AA%D8%A7%D9%84%D9%8A%D8%A9#sectionListing\">according to Masrawy<\/a>. The current version of the law imposes no term limits, but caps each term for a board member at three years.<\/p>\n<p><b>Other features of the proposed legislation:<\/b> The bill would also unify all state-owned banks\u2019 fiscal years to begin on 1 January and would require them to publish their financial results in at least one widely circulating newspaper. Under the legislation, foreign banks in Egypt would face a minimum capital requirement of USD 150 mn or its equivalent in other foreign currencies, up from a current requirement of USD 50 mn, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/5\/20\/1571397\/%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D9%8A%D8%B1%D9%81%D8%B9-%D8%B1%D8%A3%D8%B3-%D9%85%D8%A7%D9%84-%D9%81%D8%B1%D9%88%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%A8%D9%85%D8%B5%D8%B1-%D9%84%D9%80-150-%D9%85%D9%84%D9%8A%D9%88%D9%86#sectionListing\">Masrawy reports<\/a>.<\/p>\n<p><b>Background:<\/b> A first draft of the new Banking and Central Bank Act leaked in 2017 and was controversial within the sector for suggesting term limits on bank managing directors as well as a tithe on industry profits to finance an industry development fund that would be managed by the central bank. The current draft has been with the Madbouly Cabinet for review since January, and is <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/19\/what-were-tracking-on-19-may-2019\/\">due to be introduced<\/a> to the House of Representatives for discussion by the end of the month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- Banking Act to impose term limits on board members at state-owned banks: The new draft Banking Act would, if passed, would put a cap of three consecutive terms on board members of state-owned banks, according to Masrawy. The current version of the law imposes no term limits, but caps each term for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598294,"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":[3679,271,72,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking-act","tag-central-bank-of-egypt","tag-enterpriseam","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2997ad94-0cf2-4bdc-aeab-c9937dada28f","is_powered_by":true,"section_story_id":"93d9780d-a645-4d5f-b13e-5d61b96d0ab3","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[598286],"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>Banking Act to impose term limits on board members at state-owned banks - 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\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Act to impose term limits on board members at state-owned banks\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Banking Act to impose term limits on board members at state-owned banks: The new draft Banking Act would, if passed, would put a cap of three consecutive terms on board members of state-owned banks, according to Masrawy. The current version of the law imposes no term limits, but caps each term for a [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-21T02:11:10+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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Banking Act to impose term limits on board members at state-owned banks\",\"datePublished\":\"2019-05-21T02:11:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\"},\"wordCount\":223,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banking Act\",\"Central Bank of Egypt\",\"EnterpriseAM\",\"legislation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\",\"name\":\"Banking Act to impose term limits on board members at state-owned banks - 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Foreign banks operating in Egypt will see their capital requirements triple to USD 150 mn. Banks\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\/2020\/2\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571163,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/03\/latest-draft-of-the-banking-act-is-set-to-go-to-the-house-today-includes-1-industry-development-tax-appears-to-scrap-proposed-term-limits-on-bank-mds\/","url_meta":{"origin":598293,"position":1},"title":"Latest draft of the Banking Act is set to go to the House today; includes 1% industry development tax, appears to scrap proposed term limits on bank MDs","author":"enterpriseam admin","date":"3 May 2020","format":false,"excerpt":"LEGISLATION WATCH- Latest draft of the Banking Act is set to go to the House today; includes 1% industry development tax, appears to scrap proposed term limits on bank MDs. The House Economic Committee has finalized amendments to a long-awaited overhaul of the Banking and Central Bank Act, clearing the\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":569196,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/","url_meta":{"origin":598293,"position":2},"title":"SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act","author":"enterpriseam admin","date":"17 February 2020","format":false,"excerpt":"EXCLUSIVE- SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act: The proposed Banking Act would exempt SME lenders and digital banks from complying with new capital requirements designed to increase the stability of the financial sector, a Central Bank of Egypt (CBE)\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\/2020\/2\/216.jpg?fit=%2C&ssl=1&resize=350%2C200","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":598293,"position":3},"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":571603,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/","url_meta":{"origin":598293,"position":4},"title":"House approves draft Banking Act with new provisions","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"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\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\/2020\/5\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637286,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/13\/amendments-to-cbe-and-banking-act-could-impose-mid-term-confidence-votes-on-bank-board-of-directors\/","url_meta":{"origin":598293,"position":5},"title":"Amendments to CBE and Banking Act could impose mid-term confidence votes on bank board of directors","author":"enterpriseam admin","date":"13 November 2017","format":false,"excerpt":"Amendments to CBE and Banking Act could impose mid-term confidence votes on bank board of directors: It\u2019s not just managing directors of banks who should be watching amendments to the CBE and Banking Act with a wary eye, but board members as well. The amendments will include provisions that impose\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\/598293","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=598293"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598293\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598294"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598293"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598293"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}