{"id":598960,"date":"2019-06-13T04:00:00","date_gmt":"2019-06-13T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/draft-law-granting-egypts-fra-autonomy-revealed\/"},"modified":"2019-06-13T04:00:00","modified_gmt":"2019-06-13T04:00:00","slug":"draft-law-granting-egypts-fra-autonomy-revealed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/draft-law-granting-egypts-fra-autonomy-revealed\/","title":{"rendered":"Draft law granting Egypt\u2019s FRA autonomy revealed"},"content":{"rendered":"

LEGISLATION WATCH- Leaked draft law would grant autonomy to the FRA: <\/b>The full draft of a proposed law to grant the Financial Regulatory Authority (FRA) operational autonomy from the government has been published by Al Mal<\/a>. The bill, if passed, would give the authority status as a separate legal entity with its own balance sheet. The authority\u2019s head would be appointed by the president and would effectively have cabinet rank. The bill is currently being discussed by the House of Representatives and would need to be passed by the general assembly before El Sisi signs it into law.<\/p>\n

Background: <\/b>The Madbouly Cabinet approved the bill in February<\/a>, paving the way for the authority to gain technical, financial, and administrative autonomy. Among the details released at the time was that it would require the authority to submit an annual report on its activities and the performance of the non-banking financial services industry to the president, prime minister, and House speaker. It would also outline the structure of the authority and the procedures for appointing its head and board members. The regulator was established in 2009<\/a> as an independent entity but is still subject to oversight from the cabinet.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Leaked draft law would grant autonomy to the FRA: The full draft of a proposed law to grant the Financial Regulatory Authority (FRA) operational autonomy from the government has been published by Al Mal. The bill, if passed, would give the authority status as a separate legal entity with its own balance sheet. […]<\/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":[8572],"tags":[72,180,595,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598960","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-legislation","tag-non-banking-financial-services","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8abe1189-a832-4b06-84c0-2c962ec9b5b2","is_powered_by":true,"section_story_id":"5d6dcb6b-510e-460d-bd26-342205d89224","story_type":"1","photo_url":"","photo_position":"above","related_issue":[598947],"teaser":"","voice_url":""},"yoast_head":"\nDraft law granting Egypt\u2019s FRA autonomy revealed - 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\/06\/13\/draft-law-granting-egypts-fra-autonomy-revealed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draft law granting Egypt\u2019s FRA autonomy revealed\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Leaked draft law would grant autonomy to the FRA: The full draft of a proposed law to grant the Financial Regulatory Authority (FRA) operational autonomy from the government has been published by Al Mal. The bill, if passed, would give the authority status as a separate legal entity with its own balance sheet. 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The bill would, among other things, require companies to obtain a license from the\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":631265,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/14\/what-were-tracking-this-week-47\/","url_meta":{"origin":598960,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"14 March 2018","format":false,"excerpt":"The newly appointed board of the Financial Regulatory Authority (FRA) will be ratified in the coming days by Prime Minister Sherif Ismail, sources tell Youm7. 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