Written by Ahmed Yacoub
Sunday, May 14, 2023 05:19 PM
In light of the requirements of the law central bank And the banking system promulgated by Law No. 194 of 2020, and believing in the important role of exchange companies complementing the role of the banking system, the Central Bank issued an update to the current instructions regulating exchange companies and the rules for licensing, oversight and supervision, in line with developments in the work of the exchange companies sector, supports the development of their performance and enhances the efficiency of their management.
It should be noted that the aforementioned rules have been prepared in accordance with the best international practices followed in this regard, and in a manner appropriate to the nature of the work of exchange companies in Egypt.
The instructions include requirements and procedures for licensing and registration, including the minimum issued and paid-up capital. The rules of control and supervision applied to exchange companies have also been updated and some important requirements have been included, including but not limited to the requirements of automation systems, governance, and outsourcing, as well as the rules of ownership in the capital of those companies and merger. Noting that the existing exchange companies have been given a period of one year to reconcile the situation from the date of issuance of the instructions, in order to enable them to comply with the requirements contained therein.
2023-05-14 14:19:00
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