Egyptian Financial Supervisory Authority

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Egyptian Financial Supervisory Authority (formerly Capital Market Authority)
Founded 1992
Headquarters Cairo, Egypt
Key People Chairman Ahmed Saad Abd El-Latif

The Egyptian Financial Supervisory Authority (EFSA) is Egypt's regulator of all non-bank financial products, including securities, derivatives insurance and mortgages. The EFSA's name was officially changed from Egyptian Capital Market Authority (CMA) in July 2009, one month after its supervisory powers were strengthened by Egyptian President Hosni Mubarak.


The original Egyptian Capital Market Authority (CMA) was formed in 1992 following passage of the Capital Market Law and aimed at regulating the country's nascent capital markets.[1] In 1996 the CMA opened a central depository for clearing and settlement of trades and in 2001 it launched an electronic trading system for what is now the Egyptian Exchange. The CMA most recently established the NILEX Stock Exchange to list the shares of smaller firms that don't qualify for the larger Egyptian Exchange.

The newly-formed Egyptian Financial Supervisory Authority EFSA replaced the CMA as market regulator on July 1, 2009 after the passage of law 10/2009.[2] The same law, issued by presdiential decree, also expanded the new EFSA's regulatory powers over Egypt's non-bank markets into areas like leasing, securitization and factoring. The law also granted EFSA's board of directors - which will now consist of a chairman, two deputies and six expert members - greater powers to set EFSA rules and regulations.[3]

Key People[edit]

EFSA Chairman Ahmed Saad Abdel Latif was first appointed chairman of the CMA by Egyptian Prime Minister Ahmed Nazif on June June 28, 2007, initially for a one-year tender.[4] In March this year he was also appointed chairman Regional Committee for Investor Education in the Middle East and North Africa (MENA) until 2011 and the CMA (now EFSA) was made committee secretariat.[5]

Latest News[edit]

The EFSA continued to drag out a long-running controversy recently by refusing for a third time an offer by France Telecom SA for the remaining shares of the Egyptian Co. for Mobile Services, better known as Mobinil, the country's largest cell-phone service provider.[6] The EFSA stated on July 16, 2009 that France Telecom's offer was still below the price set for a majority stake in Mobinil by an arbitration ruling, andf the French company must continue doing battle with Mobinil co-owner Orascom, the Middle East's largest mobile provider.