There has been a climbing trend in holding business meetings related to the clarifications requested by the FRA’s technical departments regarding non-bank financial activities
To keep up with demand and better facilitate procedures for stakeholders of non-banking financial activities, the Financial Regulatory Authority (FRA) extended its daily working, now closing at 5 PM.
According to FRA chairperson, Mohamed Omran, the authority’s new hours are due to surging visitor numbers and to support non-banking financial companies.
Currently, companies and entities operating in non-banking financial activities amount to around 1,107 companies and 968 associations, providing services to 20 million customers, in addition to 770 private and government insurance funds that provide insurance to 33 million members.
The number of visitors to the central administration for market services to complete their legal requirements have increased, Omran noted.
There has been a climbing trend in holding business meetings related to the clarifications requested by the FRA’s technical departments regarding non-bank financial activities, he added. This created an urgent need to accommodate work updates and extend working hours from to 5:00 pm.
Omran stated that a decision was issued to extend the deadline for submitting financial statements for companies whose securities are listed on the Egyptian Exchange and companies subject to the supervision and control of the FRA for the financial period ending on 31 March 2022 by an additional 15 days to end on 31 May.