The Egyptian Financial Regulatory Authority issued a decision overhauling how “key functions” are licensed and maintained in companies authorised to conduct non-banking financial activities. The framework requires individuals in 14 specified roles to hold a Financial Regulatory Authority licence, sets a three-year licence term renewable for similar periods, and obliges firms to clearly define key roles and responsibilities within their organisational structures. The roles span managing director, internal audit manager, risk manager, internal controller (compliance officer), chief financial officer, credit manager, anti-money laundering and counter-terrorist financing officer, regional credit risk officer, regional credit officer, operations manager, finance branch manager, human resources officer, legal affairs officer for mortgage finance activity, and information systems officer. Multi-activity firms may, with the Authority’s approval, appoint one person to the same key role across more than one activity; where a single managing director is used, an independent executive manager must be appointed for each other activity. Licensing eligibility includes restrictions such as not working in any capacity for another company or entity and not having been dismissed by a final judgment or disciplinary decision or barred from practising relevant professions in the prior three years; renewals may be conditioned on passing Authority-specified tests or training. The decision also introduces ongoing obligations including 15-day notifications by licensed individuals on hiring, departure, moves between firms, or relevant criminal judgments, firm-maintained registers of licensed key-function holders, vacancy reporting and replacement within a maximum of three months, board-approved succession planning, and specific interim arrangements for managing director vacancies. Firms are required to align with the decision within six months from its effective date, and the decision takes effect upon publication in the Official Gazette.
Egypt Financial Regulatory Authority 2026-03-03
Egypt Financial Regulatory Authority tightens licensing and continuity rules for 14 key roles at non-banking financial firms
The Egyptian Financial Regulatory Authority has restructured the licensing framework for key roles in non-banking financial firms, mandating a Financial Regulatory Authority licence for 14 specified positions. The framework includes a three-year renewable licence term, role definition requirements, and eligibility restrictions. Firms must comply within six months of the decision's publication in the Official Gazette.