FRA Extends Compliance Period for E

On 14 February 2019, the Financial Regulatory Authority (“FRA”) Board of Directors Decision No. 6 of 2019[1] was published in the Egyptian Gazette. The Decision extends the compliance period for financial leasing and factoring companies already operating prior to the issuance of the Financial Leasing and Factoring Law No. 176 of 2018 (the “Law”) for an additional period of six months. As stipulated in the Law, the compliance period for said companies was for six months, until 15 February 2019, unless an extension occurs via an FRA Board decision. Accordingly, said companies now have until 14 August 2019 to comply with the provisions and regulations in the Law and FRA decisions on the matter. In addition, financial leasing and factoring companies must notify the FRA, no later than 31 March 2019, of their willingness (or unwillingness) to comply accompanied by a time frame of measures already taken and ones to be taken in the event of compliance.   [1] FRA Board of Directors Decision No. 6/2019 on the extension of the compliance period for financial leasing and factoring companies, Egyptian Gazette, Issue No. 37, 14 February 2019.