The Financial Regulatory Authority (FRA) extended its daily working hours to nine, to end at 5:00 pm starting Sunday to better facilitate procedures for stakeholders of non-banking financial activities.
Chairperson of the FRA Mohamed Omran said that the decision came in the interest of companies and entities operating in non-banking financial activities, which amount to about 1,107 companies and 968 associations that provide their services to 20 million customers, in addition to 770 private and government insurance funds that provide insurance to 33 million members.
He added that the authority noticed a surge in the number of visitors to the central administration for market services to complete their legal requirements, and it monitored an increasing trend in holding business meetings related to the clarifications requested by the technical departments of the authority and concerning the interests of individuals and entities dealing in non-bank financial activities. 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.