Head of Financial Supervision: New amendments to the Authority’s strategy until 2026

Dr. Muhammad Farid Saleh, Chairman of the Board of Directors of the Financial Supervisory Authority, said that the authority is making amendments to the strategy of non-banking financial services (2022-2026) to set detailed goals for each sector, and procedures for its activation, based on the meetings held during the last period with companies that operate with each sector.

This came during a press conference held this morning, Tuesday, at the headquarters of the Financial Supervisory Authority in the Smart Village, to present the authority’s vision to advance non-banking financial services to support the national economy, in the presence of the two Vice-Presidents of the Authority, Ahmed Abdel Rahman, Dr. Heba Al-Serafy, and a number of the authority’s leaders.

In response to journalists’ questions, Farid added that activating the financial derivatives market “futures and options” requires the establishment of a company to settle transactions, which is being worked on during the coming period with the Misr Clearing Company.

Regarding the presence of two vacant seats in the Investor Protection Fund, the Head of Financial Supervision said that the authority has sent nominations for the independent expert seat in the fund, and he will be chosen soon, and has been invited to run for the election of the other position.

In response to cooperation with embassies of countries to promote the Egyptian Stock Exchange, Mohamed Farid Saleh said that cooperation is already taking place with embassies and consulates of a number of countries to promote investment opportunities in the Egyptian capital market, and coordination will be made during the coming period with the Commercial Representation Authority to achieve the same purpose.

For his part, Mohamed Al-Sayyad, Assistant Chairman of the Financial Supervisory Authority, in response to questions about the companies that were listed in the stock exchange without being asked, said that there are 4 companies that were listed in the stock exchange without being offered, and therefore the authority is studying the case of each company separately, so that a deadline is given. 6 months for each company that presents logical reasons for the reasons for postponing the offering, citing Banque du Caire, which began promoting the offering in February 2020, after which it faced difficult circumstances as a result of the Corona pandemic.

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