Egyptian Financial Supervisory Authority
Encyclopedia
The Egyptian Financial Supervisory Authority (EFSA) is the integrated government agency that regulates the financial service industry in Egypt
. The EFSA supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing, factoring and securitization.
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 inter-operability with the banking sector. This move came against a backdrop of the global economic and financial crisis which highlighted the need for integrity and transparency in financial markets.
The EFSA’s Chairman is Dr. Ashraf El Sharkawy .
The EFSA is an Ordinary Members of the International Organization of Securities Commissions
(IOSCO) since February 2009. Both the Cairo and Alexandria Stock Exchanges
(CASE) as well as Misr for Clearing, Depository and Central Registry have membership of the IOSCO too, but they are affiliate members.
The EFSA’s Headquarters is located in the Smart Village - Building 5A - 84 B – Kilo 28, Egypt
/Alexandria Desert Road – Giza Governorate.
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
. The 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, the EFSA was established and became operationally effective on July 1, 2009. The new EFSA replaced three major regulating authorities: the Capital Market Authority (CMA), the Egyptian Insurance Supervisory Authority (EISA), and the Mortgage Finance Authority (MFA). The aim of the unifying the authorities was to try and fostering 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
Non-banking financial company
Non-bank financial companies are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold a banking license. These institutions are not allowed to take deposits from the public. Nonetheless, all operations of these...
in Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
and its inter-operability with the banking sector. This move came against a backdrop of the global economic and financial crisis which highlighted the need for integrity and transparency in financial markets.
Responsibilities and structure
The 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 Dr. Ashraf El Sharkawy .
The EFSA is an Ordinary Members of the International Organization of Securities Commissions
International Organization of Securities Commissions
The International Organization of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets....
(IOSCO) since February 2009. Both the Cairo and Alexandria Stock Exchanges
Cairo & Alexandria Stock Exchange
Egypt's Stock Exchange, now Egyptian Exchange , comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems.-History:...
(CASE) as well as Misr for Clearing, Depository and Central Registry have membership of the IOSCO too, but they are affiliate members.
The EFSA’s Headquarters is located in the Smart Village - Building 5A - 84 B – Kilo 28, Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
/Alexandria Desert Road – Giza Governorate.