{"id":645457,"date":"2017-07-20T04:05:42","date_gmt":"2017-07-20T04:05:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/20\/proposed-amendments-to-the-cbe-and-banking-acts-could-enshrine-term-limits-for-mds\/"},"modified":"2017-07-20T04:05:42","modified_gmt":"2017-07-20T04:05:42","slug":"proposed-amendments-to-the-cbe-and-banking-acts-could-enshrine-term-limits-for-mds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/20\/proposed-amendments-to-the-cbe-and-banking-acts-could-enshrine-term-limits-for-mds\/","title":{"rendered":"Proposed amendments to the CBE and banking acts could enshrine term limits for MDs"},"content":{"rendered":"

<\/a> Proposed amendments to the CBE and banking acts could reinstate term limits for bank MDs: <\/strong>Amendments to the CBE Act and the Banking Law will enshrine into law the CBE\u2019s decree limiting the terms of banking sector managing directors to nine years which was issued in March of last year, according to statements attributed to an official<\/a> reportedly involved in drafting the bill by Al Borsa. The source said that the term limits decree had been scrapped by court order as it had no legal basis with which to stand, something the new draft bill will seek to rectify. The Administrative Court ruled back in June of last year<\/a> that the CBE Governor\u2019s decision to limit terms violates the rights of bank executives to employment and also refused the retroactive application of the decision. The ruling followed a lawsuit filed by banking executives to scrap the highly unpopular decree, which was met by an uproar from the sector when it was first issued.<\/p>\n

Leaked content from the proposed amendments are not final<\/strong>, a source told Al Masry Al Youm<\/a>. The source said the proposed amendments have been passed to the Federation of Egyptian Banks and to legal experts to get their opinions.<\/p>\n

The source also denied <\/strong>claims by Hona Al Asema host Lamees El Hadidi<\/strong><\/a> on Tuesday that the CBE governor is looking to expand his position\u2019s authority<\/strong> and overreach into the jurisdictions of the president, prime minister, or bank shareholders. Amending the banking laws aims to accommodate developments in banking and finance and ensure adequate corporate governance measures are in place, the source explained.<\/p>\n

\u201cDon\u2019t judge the law by its first draft,\u201d<\/strong> Prime Minister Sherif Ismail urged during a Wednesday press conference, where he advised calm, especially since the cabinet has yet to receive the legislation for review, Al Shorouk says<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Proposed amendments to the CBE and banking acts could reinstate term limits for bank MDs: Amendments to the CBE Act and the Banking Law will enshrine into law the CBE\u2019s decree limiting the terms of banking sector managing directors to nine years which was issued in March of last year, according to statements attributed to […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645457","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"edfe9036-f4ac-4fc6-aba2-01dc4933b987","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[645451],"teaser":"","voice_url":""},"yoast_head":"\nProposed amendments to the CBE and banking acts could enshrine term limits for MDs - 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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 "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":641883,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/01\/possible-compromise-between-cbe-and-feb-on-cbe-and-banking-acts\/","url_meta":{"origin":645457,"position":1},"title":"Possible compromise between CBE and FEB on CBE and banking acts?","author":"enterpriseam admin","date":"1 August 2017","format":false,"excerpt":"Possible compromise between CBE and FEB on CBE and banking acts? Talks between the central bank and the Federation of Egyptian Banks (FEB) on Sunday over controversial amendments to the CBE and Banking acts appear to be heading towards a compromise on some articles, sources tell Al Borsa. The notion\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":641938,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/02\/banks-to-discuss-remaining-objections-on-cbe-and-banking-acts-in-mid-august-meeting\/","url_meta":{"origin":645457,"position":2},"title":"Banks to discuss remaining objections on CBE and Banking Acts in mid-August meeting","author":"enterpriseam admin","date":"2 August 2017","format":false,"excerpt":"Bankers, CBE to meet in two weeks to continue talks on central bank and banking acts: The Federation of Egyptian Banks (FEB) will be meeting with central bank officials in two weeks\u2019 time to continue discussions of industry concerns regarding proposed amendments to the CBE and banking acts, unnamed bankers\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":645518,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/24\/al-mal-leaks-amendments-to-banking-acts\/","url_meta":{"origin":645457,"position":3},"title":"Al Mal leaks amendments to banking acts","author":"enterpriseam admin","date":"24 July 2017","format":false,"excerpt":"Purported amendments to the banking and central banking acts have leaked: Al Mal has published its take on what it says are leaks of the most important planks of the Central Bank of Egypt\u2019s proposed amendments to the banking and central banking acts. It says there are five major surprises\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":598125,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/cbe-boss-presents-draft-banking-act-to-cabinet\/","url_meta":{"origin":645457,"position":4},"title":"CBE boss presents draft Banking Act to cabinet","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Central Bank of Egypt Governor Tarek Amer presented to the Cabinet economic group yesterday an amended draft of the Banking Act, Al Mal reports. 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 "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":621701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/is-the-central-bank-of-egypt-done-revising-the-banking-act\/","url_meta":{"origin":645457,"position":5},"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. 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