Egypt’s Cabinet reconstitutes Board of Directors of FRA for four years

Prime Minister Mostafa Madbouly issued Resolution No. 2,978 of 2022 restructuring the Board of Directors of the Financial Regulatory Authority (FRA) for a period of four years.

The new board includes Islam Abdel Azim Azzam and Ahmed Abdel Rahman Al-Sheikh as Vice Chairpersons of the Board of Directors of the Authority, Mohamed Farid as Chairperson, in addition to one of the deputy governors of the Central Bank of Egypt (CBE) that will be chosen by the new acting governor.

Furthermore, Ashraf Al-Araby, Khaled Serry Siam, Marian Amir Azer, Rasha Ragheb, and Tarek Mansour, who are experts in the economic, financial, and legal fields will also be included in the board.

The authority’s Board of Directors is responsible for organising and managing all the affairs of the authority and setting and implementing the policies necessary to achieve its goals.

The board has the authority to take final decisions it deems necessary to accomplish the authority’s functions without the need for the approval of a higher authority.

In particular, it has the authority to set the general strategy and executive policies of the FRA and monitor their implementation. It can also set the executive rules for organising and licensing the practice of activities that the authority is concerned with controlling.

Additionally, the board lays the rules for inspection and control over entities and individuals that are subject to the authority’s control. It also determines the fees for the services they provide to the authority; voices its opinion on all draft laws and decisions related to activities regulated by law; and approves the authority’s organisational structure, financial and administrative regulations, and personnel affairs without being bound by the regulations and systems in force in public and governmental bodies.

Moreover, it sets rules for seeking the assistance of local and foreign expertise to assist the authority in carrying out its work and approves the estimated budget and its final account.