From THE WASHINGTON POST By David H. Webber, professor at the Boston University School of...
Law for the Regulation of Non-Banking Financial Markets and Instruments (Law No. 10 of 2009)
(enacted in 2009)
The Law for the Regulation of Non-Banking Financial Markets and Instruments (Law No. 10 of 2009), also known as the “Single Regulator Law,” relates to the establishment and authority of the Egyptian Financial Services Authority (EFSA) and the regulation of non-banking financial markets and instruments. The law also covers the following topics:
Chapter One concerns the establishment of the EFSA and its mandate, and includes provisions relating to:
- Regulation and supervision of non-banking financial markets and instruments including capital markets, commodity and futures markets, insurance activities, mortgage finance, financial leasing, factoring and securitization; and
- Replacement of the Egyptian Insurance Supervisory Authority, the Capital Market Authority and the Mortgage Finance Authority by the EFSA in application of certain legal provisions.
Chapter Two concerns the administration and resources of the EFSA, and includes provisions relating to:
- EFSA’s board and its authority;
- EFSA’s sources of funds and assets; and
- EFSA’s staff.
Chapter Three concerns arbitration and training, and includes provisions relating to:
- Establishment of a center for arbitration and resolution of disputes; and
- Establishment of a financial services institute.
Chapter Four concerns general provisions.