{"id":653828,"date":"2024-10-23T00:00:00","date_gmt":"2024-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/23\/the-fra-has-new-securitization-regulations\/"},"modified":"2024-10-23T00:00:00","modified_gmt":"2024-10-23T00:00:00","slug":"the-fra-has-new-securitization-regulations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/23\/the-fra-has-new-securitization-regulations\/","title":{"rendered":"The FRA has new securitization regulations"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New regulations for securitization activity:<\/strong> The Financial Regulatory Authority (FRA) has <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%86%d8%b8%d9%85-%d8%b6%d9%88%d8%a7%d8%a8%d8%b7-%d8%aa%d9%88%d8%b1%d9%8a%d9%82-%d8%a7%d9%84%d8%ad%d9%82\/?fbclid=IwY2xjawGEvSZleHRuA2FlbQIxMAABHTj4hz-xLdCEVASVebRGPO50Z3tddYMDlY5ODVcgN4yopR1jcLYAzAabJQ_aem_FJ-xUimuH6ehmpR6pEuYIw\" style=\"\" rel=\"noopener\">released<\/a> a circular outlining new regulations for securitization activity, to protect those who invest in securities and ensure the market operates efficiently. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What do they entail? <\/strong>The new regulations include: <\/p>\n<ul>\n<li><strong>Mandatory e-reporting:<\/strong> Securitization companies are now required to submit detailed information about their securitization portfolios electronically to the FRA within a month of the circular\u2019s issuance;<\/li>\n<li><strong>Swift transfer of receivables: <\/strong>The company that owns the underlying asset must enter into an agreement with the securitization company that stipulates that the asset-holder will collect payments and transfer them to the securitization company in a timely manner.<\/li>\n<li><strong>Single-use portfolios only:<\/strong> A single portfolio of financial assets cannot have been previously securitized and cannot be subject to guarantees for loans or credit facilities.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The FRA also issued <\/strong><strong><a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b5%d8%af%d8%b1-%d9%83%d8%aa%d8%a7%d8%a8-%d8%af%d9%88%d8%b1%d9%8a-%d8%a8%d8%b4%d8%a3%d9%86-%d8%b6%d9%88\/?fbclid=IwY2xjawGEvSdleHRuA2FlbQIxMAABHR7hRZPEOeKkVCN6GfAbPQiAG-qcyJ-XSof82KfdFExtSmrnXNKrV0-grg_aem_DoDlcH8LHy_6WWkakW2x_w\" style=\"\" rel=\"noopener\">a separate circular<\/a><\/strong><strong> regar<\/strong><strong>ding the transfer of credit portfolios link<\/strong><strong>ed <\/strong><strong>to NBFIs to other entities<\/strong>, including licensed financing entities authorized to engage in the same activity, banks, securitization companies, and investment funds. The key points include:<\/p>\n<ul>\n<li><strong>Transfers require FRA approval: <\/strong>NBFIs must get the greenlight from the FRA before transferring their credit portfolios to another entity; <\/li>\n<li><strong>Credit portfolios must be sound:<\/strong> Portfolios slated for transfer must be composed of debtors who have been regularly making payments;<\/li>\n<li><strong>Collateral requirements for consumer finance contracts: <\/strong>For consumer finance contracts in particular, the circular limits the use of one source of collateral to one transfer. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More transparent non-banking finance is the goal:<\/strong> The new regulations come as part of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fad9a340-2bc1-411b-be40-a36c77042c0c\/%253cmark%253efra%253c%2Fmark%253e-updates-m&a-rules-for-nbfis\" style=\"\" rel=\"noopener\">broader FRA push<\/a> to create a more investment-friendly environment to attract more investments in NBFIs by simplifying procedures while maintaining the required oversight.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FRA is working to create a more investment-friendly environment<\/p>\n","protected":false},"author":1,"featured_media":653829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8313],"tags":[72,76,503],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-enterpriseam","tag-financial-regulatory-authority","tag-financial-services","wpautop","entry"],"acf":{"mongo_id":"4f9dde14-ca7d-4388-8ad3-382311d8fb13","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The FRA has new securitization regulations","related_issue":[653814],"teaser":"The FRA is working to create a more investment-friendly environment","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.2f2b9ea0-1f76-4675-aaf9-196389d3e7fe.mp3"},"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>The FRA has new securitization regulations - 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\/2024\/10\/23\/the-fra-has-new-securitization-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The FRA has new securitization regulations\" \/>\n<meta property=\"og:description\" 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securitization has officially arrived: The Financial Regulatory Authority (FRA) has issued its regulations for future flow securitization, the regulator said in a statement (pdf), paving the way for the country\u2019s first issuance.This opens the door to our first future flow securitization issuance, courtesy of CIRA: EGX-listed private sector\u2026","rel":"","context":"In &quot;FINANCIAL SERVICES&quot;","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611397,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/beltone-signals-new-push-into-securitization-closes-first-factoring-transaction\/","url_meta":{"origin":653828,"position":1},"title":"Beltone signals new push into securitization, closes first factoring transaction","author":"enterpriseam admin","date":"6 December 2023","format":false,"excerpt":"This marks Beltone\u2019s first factoring agreement since obtaining its license in September","rel":"","context":"In &quot;FINANCIAL SERVICES&quot;","block_context":{"text":"FINANCIAL SERVICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-services\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634003,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/02\/fra-approves-issuance-of-egp-1-1-bn-securitization-bonds\/","url_meta":{"origin":653828,"position":2},"title":"FRA approves issuance of EGP 1.1 bn securitization bonds","author":"enterpriseam admin","date":"2 January 2018","format":false,"excerpt":"The Financial Regulatory Authority approved the issuance of around EGP 1.1 bn in securitization bonds by the Egyptian Securitization Company. The bonds are backed by the portfolio of Corporate Leasing Company (Corplease). CIB acted as the subscriber and custodian of the transaction with AAIB, Suez Canal Bank, and Banque Misr\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568936,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/raya-holding-to-establish-three-subsidiaries-in-1h2020\/","url_meta":{"origin":653828,"position":3},"title":"Raya Holding to establish three subsidiaries in 1H2020","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"Raya Holding is joining the rush into non-bank financial services and aims to set up three subsidiaries in 1H2020, including a microinsurance company, a financial and micro-leasing arm, and a third company for securitization, CFO Hossam Hussein told Mubasher. The company is going to find it hard to get regulatory\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\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621714,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/aman-to-issue-egp-250-300-mn-securities-to-establish-securitization-firm-considers-financial-leasing\/","url_meta":{"origin":653828,"position":4},"title":"Aman to issue EGP 250-300 mn securities, to establish securitization firm, considers financial leasing","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"Raya Holding subsidiary Aman is planning to issue EGP 250-300 mn-worth of asset-backed securities, pending Financial Regulatory Authority (FRA) approval of the company\u2019s bid to establish a securitization arm, Raya CEO and founder Medhat Khalil tells Al Mal. CIB will run the bookbuilding process for the issuance and El Derini\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548172,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/ciras-maiden-future-flow-bond-issuance-could-close-next-month\/","url_meta":{"origin":653828,"position":5},"title":"CIRA\u2019s maiden future flow bond issuance could close next month","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"It\u2019s official: CIRA\u2019s future flow securitization program has gotten the nod from the Financial Regulatory Authority (FRA), which has given EFG Hermes the final go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance to market. The offering is Egypt\u2019s first-ever future flow securitization, CIRA and the regulator\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/305.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653828","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=653828"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653828\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653829"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653828"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653828"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}