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Dec 2022

Egypt: Head of regulatory body outlines scope of functions

Source: Middle East Insurance Review | Oct 2022

The newly appointed chairman of the board of directors of the Financial Regulatory Authority (FRA), Dr Muhammad Farid, has issued a resolution setting out his terms of reference, as well as those of his deputies and assistants.
According to an exclusive report by Amwal Al-Ghad, Dr Farid’s scope of functions covers the following:
  • Central administration of technical offices–concerning public relations, publications and communications; international relations; and dispute settlement
  • IT functions that cover central administration of information technology services, the strategy and design of services, activation of services, and the operation and improvement of services
  • Central management of risk and compliance
  • Central administration of research and development
  • Anti-money laundering department
  • Legal affairs
  • Department of security
  • Auditors’ work quality unit
In his resolution, Dr Farid also outlined the scope of responsibilities of the FRA vice chairman, the assistant chairman and other senior administration officials.
Egypt president Abdel Fattah El-Sisi appointed Dr Farid as chairman of the FRA for a period of one year, from 7 August 2022. M 
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