{"id":705117,"date":"2026-05-24T00:00:00","date_gmt":"2026-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=705117"},"modified":"2026-05-24T02:46:46","modified_gmt":"2026-05-24T02:46:46","slug":"fra-names-and-shames-nbfi-violators","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/24\/fra-names-and-shames-nbfi-violators\/","title":{"rendered":"FRA names and shames NBFI violators"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Financial Regulatory Authority (FRA) is putting NBFI violators on <\/strong><strong>public display<\/strong>, setting up a registry for individuals and companies that violate non-banking financial regulations, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/fra.egypt\/posts\/pfbid02A4k9LtHgSNzd9EgKeThgp1e6b2sG6QK3YkJMiqfNfmrvwqTyDSgYVKMBjeeKU62tl\" style=\"\">statement<\/a> from the regulator.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The registry will sort violators into three public lists:<\/strong><\/p>\n<ul>\n<li><strong>The warning list:<\/strong> Individuals and companies attempting to conduct non-banking financial activities without an FRA license;<\/li>\n<li><strong>The negative list:<\/strong> Individuals and corporations with final, unappealable judicial convictions for violating NBFI sector laws;<\/li>\n<li><strong>The administrative measures list:<\/strong> Formerly licensed market participants whose licenses have been revoked or struck from the FRA's active registries.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Chairman Islam Azzam said the decision, approved by FRA on April 29 and published in the Gazette on May 20, is meant to protect clients and give them a clearer picture of the companies and individuals they deal with across capital markets, ins., and financing activities. That matters as banks, regulators, and lawmakers all sharpen their focus on NBFIs: The sector is no longer a fringe pocket of finance, and its growth only holds up if it\u2019s matched by cleaner governance, clearer data, and visible enforcement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The process: <\/strong>Listings will be based on a study memo prepared by the FRA, reviewed by its committee for criminal action and settlements, and signed off by Azzam. The authority can also move fast when needed \u2014 temporarily listing names if an activity threatens market stability or client interests \u2014 but must complete notification procedures and hear from the relevant party within one week of listing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not a one-way street:<\/strong> Parties flagged for the warning list have the right to be heard before being added. Anyone listed \u2014 or anyone whose name remains listed after the reason for inclusion no longer applies \u2014 can appeal to the FRA chair within 60 days, with no fees. Appeals go to a committee chaired by FRA\u2019s deputy chair, which must issue its recommendations within 30 days of receiving complete documents.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The FRA will periodically review the registry and remove names when the reason for listing no longer applies<\/strong> \u2014 whether after a violation is resolved, a ruling is executed, or a settlement is reached. The lists will be published on FRA's website or any platform the regulator designates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> FRA\u2019s move lands in the middle of a wider push to de-risk non-bank finance. The Central Bank of Egypt (CBE) barred banks <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/cbe-tightens-oversight-on-nbfis-banking-amid-debate\/\" style=\"\">last week<\/a> from granting or renewing credit facilities to non-bank lenders unless they are coded with the CBE and reporting customer data to both the central bank and I-Score. The House of Representatives has also entered the fray, with lawmakers <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/20\/korra-energis-institutional-ipo-tranche-2-7x-covered-on-day-one\/\" style=\"\">calling for an urgent hearing<\/a> on what they described as the unregulated expansion of consumer finance and installment firms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The authority has rolled out a three-tiered public blacklist framework to isolate rogue NBFI operators, track judicial violators, and protect retail consumers<\/p>\n","protected":false},"author":1,"featured_media":705118,"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":[7335],"tags":[72,76,9125,12700,12389],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-705117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-enterpriseam","tag-financial-regulatory-authority","tag-nbfi","tag-regulations","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"b4f3644c-c68e-4578-ae70-38b6826446b5","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/1404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The blacklist","related_issue":[705112],"teaser":"The authority has rolled out a three-tiered public blacklist framework to isolate rogue NBFI operators, track judicial violators, and protect retail consumers"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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That\u2019s the message from the Financial Regulatory Authority (FRA), which is mulling an EGP 0.05 tithe on any capital market transaction executed by a brokerage firm, with the proceeds being channeled\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":548351,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/efg-hermes-appoints-new-nbfi-ceo\/","url_meta":{"origin":705117,"position":2},"title":"EFG Hermes appoints new NBFI CEO","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"EFG Hermes\u2019 NBFI business gets a new boss: Our old friend Aladdin ElAfifi (LinkedIn) has been appointed CEO of EFG Hermes\u2019 non-bank financial institutions (NBFI) platform, succeeding Walid Hassouna (who is now running the group\u2019s high-profile valU unit full time), according to a press release (pdf). ElAfifi will assume responsibility\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/lending-by-banks-nbfi-arms-to-count-toward-single-obligor-limits\/","url_meta":{"origin":705117,"position":3},"title":"Lending by banks\u2019 NBFI arms to count toward single obligor limits","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new regs to reduce bank lending risks: Restrictions placed on bank lending to corporate borrowers will now take into account loans made by non-bank affiliates (so-called NBFIs, or non-bank financial institutions). The measures are part of new CBE regulations (pdf) designed to diversify credit portfolios of\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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657911,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/flend-secures-egypts-first-digital-nbfi-license-for-sme-finance\/","url_meta":{"origin":705117,"position":4},"title":"Flend secures Egypt\u2019s first digital NBFI license for SME finance","author":"enterpriseam admin","date":"29 December 2024","format":false,"excerpt":"Flend offers tech enabled, data driven financing solutions to SMEs in Egypt","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\/2024\/12\/2388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628934,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/shalakany-law-office-explains-new-licensing-regs-for-nbfis\/","url_meta":{"origin":705117,"position":5},"title":"Shalakany Law Office explains new licensing regs for NBFIs","author":"enterpriseam admin","date":"17 May 2018","format":false,"excerpt":"At a time when every investment banker and his semi-numerate half-cousin wants to launch an NBFI play, the Financial Regulatory Authority issued new regulations last week on the licensing new entrants to the industry. 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