FRA Registry for E-Payment Companie

On 24 March 2019, decision No. 27 of 2019 by the board of directors of the Financial Regulatory Authority (“FRA”) was published in the Egyptian Gazette, setting the rules and conditions for e-payment companies that collect the premiums of the compulsory insurance on cars and transport vehicles (“e-payment companies”) to be registered at FRA.[1] The decision establishes a relevant registry at FRA for said companies and lists the conditions that must be met for registration, which includes that they must be joint stock companies with at least EGP 5 million of paid capital. The decision also specifies the required documents and procedures for registration at FRA in addition to detailing the regulations to be followed by the e-payment companies when undertaking their activities. Listing in the registry is for a period of three years, with the possibility of renewal if the conditions of registration and compliance with FRA board decisions are met. E-payment companies have three months until 24 June 2019 to comply. It is worth noting that only e-payment companies registered at FRA are authorized to undertake the electronic collection of the compulsory vehicle insurance.   [1] FRA Board of Directors Decision No. 27/2019 on the conditions and regulations of registering e-payment companies that collect compulsory vehicle insurance premiums at FRA, Egyptian Gazette, Issue No. 69, 24 March 2019.