FRA bans authorization for unlicensed individuals in practicing non-banking financial professions

Updated 2/21/2023 2:39:00 PM
FRA bans authorization for unlicensed individuals in practicing non-banking financial professions

Arab Finance: The Financial Regulatory Authority (FRA) has banned licensed individuals from authorizing or mandating unlicensed individuals to practice the non-banking financial businesses that are subject to the supervision of the authority, according to an official statement on February 21st.

As per the FRA’s decision, unlicensed individuals are prohibited from pursuing activities in the non-banking financial sector even if they are authorized or mandated by individuals who hold licenses from the authority to practice such activities.

Licensed individuals by the FRA who practice professions in non-banking financial sector shall be authorized in person, after the confirmation of their validity as per the terms and conditions issued by the authority, Chairman of the FRA Mohamed Farid said.

Licenses for practicing non-banking financial activities shall be issued in person by the authority, and shall not be authorized or mandated by another individual, Farid pointed out.

Pursuing a profession in the non-banking financial sector without being licensed by the FRA's requires legal accountability, he stressed.

Tags
Egypt FRA

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