The Financial Regulatory Authority (FRA) plans to launch controls for obtaining Robo-Advisor Licences for portfolio and investment management this month, according to Mohamed Farid, the Chairperson of the FRA.
Farid told Daily News Egypt that the launch will follow a dialogue with the companies interested in these mechanisms to understand their visions. He added that the FRA will hold meetings with these companies this week to launch the mechanism soon.
He said that the FRA welcomes all companies that want to apply for the Licence, as it aims to introduce various mechanisms that improve the efficiency of the market, as well as to spread awareness and financial literacy among different segments of society, to increase the number of traders in the financial markets.
He also mentioned the launch of the first experimental interactive map for all companies operating in non-banking financial financing. He explained that the map provides about 4500 points to help customers access the branches of the companies easily, and also offers a comprehensive study for companies that wish to expand by choosing areas that lack their services.
The FRA organised the first conference for federations working in non-banking financial services yesterday, Saturday, in Damietta city, as part of a protocol with universities and educational institutions to hold periodic conferences for the same purpose.
He stated that the FRA’s efforts to spread awareness and non-banking financial culture are ongoing to achieve the highest possible goals and increase the Egyptians’ knowledge of the different activities.
Among the most prominent efforts are the FRA’s participation in the Cairo International Book Fair for the first time in its history at the beginning of this year, the preparation of a training program for the faculty members of Egyptian universities, and the publication of the first series of definitions of non-banking financial activities titled “Know and Benefit”.
He also pointed out that the FRA issued a periodic book to enhance the protection of customer data confidentiality in non-banking financial activities, requiring the entities under the FRA’s supervision to send a monthly warning to their customers not to reveal any personal or financial data that could expose them to fraud risks. He said that the FRA issued three warnings to the public about not responding to the calls of companies that collect money without a Licence, and about the risks of dealing with forex companies and cryptocurrencies as illegal activities.
In a separate context, Farid said that the last year witnessed amendments to the executive regulations of the Capital Market Law, considering carbon certificates as a financial instrument. He also said that the FRA formed a committee to monitor and oversee carbon emission reduction units from the stock exchange, the Ministry of Environment, and specialised experts, and issued criteria for listing verification and certification bodies for reduction projects and created a list with the FRA to contract verification and certification bodies. He added that the FRA listed three entities on the list of verification and certification bodies for reduction projects, including two local entities and one foreign entity, which are the only applicants so far for listing.
