Egypt Financial Regulatory Authority signs cooperation memorandum with Central Auditing Organization to strengthen non-bank financial oversight and international coordination

The Egypt Financial Regulatory Authority announced that it has signed a memorandum of understanding with the Central Auditing Organization to establish a standing framework for cooperation on supervisory, regulatory and technical matters. The arrangement is intended to improve the efficiency of Egypt's oversight system, support the development of non-bank financial markets, and strengthen the application of governance and transparency principles. The memorandum provides for exchange of expertise and technical knowledge, consultation on legislative and regulatory developments, capacity-building programs, future-oriented studies and risk foresight, and coordination in relevant international forums. It also envisages regular meetings and joint working groups and technical committees covering areas such as governance, risk management, compliance, integrity, transparency and protection of market participants' rights, with confidentiality of shared information subject to the applicable legal frameworks. The authority said implementation will start immediately through periodic coordination meetings, joint teams and consultation mechanisms. The release also places the agreement in the context of the two bodies' current international roles, with the Central Auditing Organization chairing INTOSAI and the Financial Regulatory Authority chairing an IOSCO committee while also serving as vice chair of the organization's board.