Law for the Regulation of Non-Banking Financial Markets and Instruments (Law No. 10 of 2009) (consumer protection-related)

Egypt

(enacted in 2009)

The Law for the Regulation of Non-Banking Financial Markets and Instruments (Law No. 10 of 2009) created the Egyptian Financial Supervisory Authority (EFSA), the supervisory authority of all non-banking financial services. With the enactment of the Single Regulator Law, only two supervisory authorities are currently in charge of supervising and regulating all financial services. The Central Bank is in charge of supervising and regulating the banking sector, and the EFSA is in charge of supervising and regulating all other non-banking financial services (e.g. capital markets, commodity and futures markets, insurance activities, mortgage finance, financial leasing, factoring and securitization). The EFSA is responsible and has the authority to issue rules that guarantee, inter alia, the efficiency of the non-banking financial sector and to apply necessary consumer protection rules to ensure transparency and limit market manipulation and fraud (Art. IV).