Egypt Financial Regulatory Authority administratively closes Solv Consultations and launches licence checks and a negative list to curb unlicensed non-banking finance

The Egypt Financial Regulatory Authority (FRA) published an update on supervisory and consumer-protection actions targeting unlicensed non-banking financial activity, including an administrative closure of Solv Consultations after an investigation found it was forming and managing portfolios without an FRA licence. The authority also introduced new digital channels to help the public and firms verify licensing status and report suspicious investment or financing solicitations, alongside a publicly available “negative list” of entities and online pages identified as operating in breach of applicable rules. Following public warnings not to engage with unlicensed entities promoting investment or financing on social media, FRA reported handling around 20 citizen enquiries received via the new electronic channels. It also held more than 10 meetings with companies and electronic platforms to review business models and clarify legislative and legal requirements; around five companies have begun taking steps to regularise their position under the Capital Market Law in relation to public invitations to subscribe and offering shares for investment. FRA stated it will monitor the regularisation process and take legal action where entities do not comply, with such actions to be disclosed to market participants. The negative list is to be updated periodically based on new complaints and developments.