The Financial Regulatory Authority (FRA) will begin administering robo-adviser licenses for portfolio and investment management this month, according to FRA Chairman Mohamed Farid.
Farid told Daily News Egypt that the launch follows dialogue with companies interested in these mechanisms to understand their vision. He added that the FRA will meet with these companies this week to launch this mechanism soon.
He said the FRA has introduced various mechanisms to improve market efficiency, spread awareness and financial literacy among different strata of society, and welcome all companies wishing to apply for licenses. Number of traders in the financial market.
He also mentioned the launch of the first experimental interactive map aimed at all companies involved in financial finance other than banks. He said the map provides around 4,500 points for customers to easily access each company’s branches, and also allows companies wishing to expand by selecting underserved areas. He explained that this would enable a comprehensive consideration.
The FRA held yesterday Saturday in the city of Damietta the first conference for federations working on non-bank financial services, as part of an agreement with universities and educational institutions to hold regular conferences for the same purpose.
He said that efforts are ongoing to spread FRA awareness and non-bank financial culture in order to achieve the highest possible goals and increase Egyptian citizens’ knowledge about various activities.
Some of the most notable initiatives include FRA’s participation in the Cairo International Book Fair for the first time in its history earlier this year, the preparation of a training program for Egyptian university faculty, and the publication of its first series. Definition of non-bank financial activities entitled “Good to know”.
He also announced that the FRA will issue a periodic book to strengthen protection of the confidentiality of customer data in non-bank financial activities, and will require companies under FRA’s supervision to provide customers with personal and financial data such as: He pointed out that they are asking for monthly warnings to be sent to prevent leaks. You may be at risk of fraud. He said the FRA has issued three warnings to the public about not responding to calls from companies that raise funds without authorization and about the risks of treating foreign exchange companies and virtual currencies as illegal activities.
In a separate context, Mr Farid said that last year an amendment was made to the Implementing Regulations of the Capital Markets Act to consider carbon certificates as financial instruments. He also said that the FRA will establish a committee to monitor and supervise carbon emission reduction units from stock exchanges, the Ministry of Environment, and experts, and will issue standards to list verification and certification bodies for reduction projects. He said he had created a list with FRA. To contract verification and certification bodies. He added that FRA has listed three entities on the list of verification and certification bodies for abatement projects, of which two local entities and one foreign entity are the only ones applying for listing at this time. .