The Egyptian Financial Supervisory Authority (EFSA, ) is a
financial regulatory authority
A financial regulatory authority or financial supervisory authority is a public authority whose role is to ensure the proper implementation of financial regulation within its scope of responsibility.
Financial regulatory authorities include t ...
that regulates the
financial service industry in
Egypt
Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...
. It is an
Egyptian Government
The politics of Egypt takes place within the framework of a republican semi-presidential system of government. The current political system was established following the 2013 Egyptian military coup d'état, and the takeover of President Abdel ...
integrated agency that supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing and factoring.
History
With the passing of Law no. 10, 2009, issued on February 25, 2009, the agency was established and became operationally effective on July 1, 2009. It replaced three major regulating authorities: the Capital Market Authority, the Insurance Supervisory Authority, and the Mortgage Finance Authority. This unification was intended to foster Egypt's financial sector.
Establishing the new authority is part of at a series of reforms aimed to strengthen the stability and security of the non-banking financial sector in Egypt and its interoperability with the banking sector. This move came during the
2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, which highlighted the need for integrity and transparency in financial markets.
Ashraf El-Sharkawy headed the authority after the
January 2011 uprising.
The agency was known as the ''Egyptian Financial Supervisory Authority'' (EFSA) in English until Nov 2017 when it was rebranded in English only as the ''Financial Regulatory Authority''.
Responsibilities and structure
The Financial Supervisory Authority supervises all
non-banking financial transactions and
markets
Market is a term used to describe concepts such as:
*Market (economics), system in which parties engage in transactions according to supply and demand
*Market economy
*Marketplace, a physical marketplace or public market
*Marketing, the act of sat ...
including importantly capital markets, derivative markets on financial assets and commodities, insurance contracts and services, mortgage finance, financial leasing, factoring, and securitization.
The agency is an ordinary member of the
International Organization of Securities Commissions
International is an adjective (also used as a noun) meaning "between nations".
International may also refer to:
Music Albums
* ''International'' (Kevin Michael album), 2011
* ''International'' (New Order album), 2002
* ''International'' (The T ...
(IOSCO). Both
Cairo and Alexandria Stock Exchanges (CASE), as well as ''Misr Company for Central Clearing, Depository & Registry'' (MCDR), have a membership of the IOSCO too, but they are affiliate members.
The headquarters is located in
Smart Village.
See also
*
Securities commission
A securities commission, securities regulator or capital market authority is a government department or agency responsible for financial regulation of securities products within a particular country. Its powers and responsibilities vary greatly ...
*
Economy of Egypt
The economy of Egypt is a developing country, developing, mixed economy, combining private enterprise with centralized economic planning and government regulation. It is the second-largest economy in Africa, and List of countries by GDP (nominal ...
*
List of financial regulatory authorities by jurisdiction
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set ...
References
{{DEFAULTSORT:Financial Regulatory Authority (Egypt)
Egypt
Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...
2009 establishments in Egypt
Government agencies established in 2009