Egyptian Financial Supervisory Authority

Egyptian Financial Supervisory Authority
الهيئة العامة للرقابة المالية
Agency overview
Formed July 2009
Superseding agency
  • Capital Market Authority
Jurisdiction Egypt
Headquarters Egypt Cairo, Egypt
Agency executive
  • Mr./ Sherif Samir Samy, Chairman
Website http://www.efsa.gov.eg/

The Egyptian Financial Supervisory Authority (EFSA) (Arabic: لهيئة العامة للرقابة المالية‎) is the integrated government agency that regulates the financial service industry in Egypt. EFSA supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing, factoring and securitization.

History

With the passing of Law no. 10, 2009, issued on February 25, 2009, EFSA was established and became operationally effective on July 1, 2009. EFSA replaced three major regulating authorities: the Capital Market Authority (CMA), the Egyptian Insurance Supervisory Authority (EISA), and the Mortgage Finance Authority (MFA). This unification was intended to foster Egypt's financial sector.

Establishing the new authority is part of at a series of reforms aimed to strengthen the stability and security of the non-banking financial sector in Egypt and its interoperability with the banking sector. This move came against a backdrop of the global economic and financial crisis of 2007–2010 which highlighted the need for integrity and transparency in financial markets.

Responsibilities and structure

EFSA supervises all non-banking financial transactions and markets including importantly capital markets, derivative markets on financial assets and commodities, insurance contracts and services, mortgage finance, financial leasing, factoring and securitization.

The EFSA’s Chairman is Mr./ Sherif Samir Samy .

EFSA is an ordinary member of the International Organization of Securities Commissions (IOSCO). Both Cairo and Alexandria Stock Exchanges (CASE) as well as Misr Company for Central Clearing, Depository & Registry (MCDR) have membership of the IOSCO too, but they are affiliate members.

EFSA’s Headquarters is located in the Smart Village - Building 5A - 84 B – Kilo 28, Egypt /Alexandria Desert Road – Giza Governorate.

See also

External links

References

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