Presidential Decree Establishing th
Presidential Decree Establishing the Institute of Financial Services: The New Institute is Part of EFSA and Shall Train Professionals
Law Number 10 of 2010 establishing the Egyptian Financial Supervisory Authority ("EFSA") stated that EFSA- as the regulator of non bank financial services - has the mandate to establish an institute for financial services with the aim of raising the professional standard of those working in EFSA as well as in the regulated companies. This it meant to improve market performance, consumer protection and ensure the dissemination of financial literacy.
Accordingly, Presidential Decree Number 260 of 2010 was issued with the Statutes of the Institute (and published in the Official Journal on September 6th, 2010). It states that the Institute has an independent legal personality and is mandated to improve skills in financial services, undertake research in this field, and disseminate financial literacy. The Decree states that the Institute shall have a board of directors chaired by the chairman of EFSA and including eight members, including three heads of association of regulated companies. The Institute shall also have a full time executive director.
The Institute is a good addition to non bank finance in Egypt and is expected to perform an important role in research, training and information dissemination.
Law Number 10 of 2010 establishing the Egyptian Financial Supervisory Authority ("EFSA") stated that EFSA- as the regulator of non bank financial services - has the mandate to establish an institute for financial services with the aim of raising the professional standard of those working in EFSA as well as in the regulated companies. This it meant to improve market performance, consumer protection and ensure the dissemination of financial literacy.
Accordingly, Presidential Decree Number 260 of 2010 was issued with the Statutes of the Institute (and published in the Official Journal on September 6th, 2010). It states that the Institute has an independent legal personality and is mandated to improve skills in financial services, undertake research in this field, and disseminate financial literacy. The Decree states that the Institute shall have a board of directors chaired by the chairman of EFSA and including eight members, including three heads of association of regulated companies. The Institute shall also have a full time executive director.
The Institute is a good addition to non bank finance in Egypt and is expected to perform an important role in research, training and information dissemination.