Laws and Regulations

Financial Laws
Mortgage Law No. 148 of 2001 provides a regulatory framework for issuance of mortgages by bank and non-bank institutions and regulates the securitization of mortgages in order to increase trading activity in the stock market. Borrowers will be able to make a 20 per cent down payment and pay off the remainder in installments over 20-30 years. Middle-income families will be the main beneficiaries of the new law.
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In May 2002, the People's Assembly agreed with an overwhelming majority to pass Egypt's first-ever law against money laundering, Law No. 80 of 2002. The law reflects the government's rising concern about the danger of this phenomenon and its detrimental effect on Egypt's economy as well as concerns expressed by the OECD Financial Action Task Force (FATF) on Money Laundering.
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The insurance market is regulated and supervised by Law No. 10 of 1981 and its amendments (Law No. 156 of 1998 and Law No. 91 of 1995). Since 1996, tariffs on insurance have been almost entirely eliminated, thereby reducing insurance premiums significantly. According to this law the private sector is permitted to own up to 100 per cent of the shares of an Egyptian insurance company that is fully owned by the government. This provision applies to both local and foreign private investors. The Egyptian Insurance Supervisory Authority (EISA) is an independent authority (affiliated with the Ministry of Investment) charged with supervising and controlling insurance activities. EISA’s main duties are to protect the rights of policyholders, beneficiaries and third parties and to maintain law and order in the market.
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Law No. 97 of 2005 amends articles of Law No. 53 of 1973 in order to improve the methodology of presenting the budget, in particular to reclassify 77 items in such a way as to increase transparency, distinguish between different types of revenues and separate them from the sources available for financing budget insufficiency. The law improves the method of presenting the details and aggregates of public expenditure
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Overview The Banking Law No. 88 of 2003 (Central Bank, Banking Sector and Monetary System) regulates the Central Bank of Egypt and the banking sector, dealings in foreign exchange, accounts secrecy and private ownership of public sector banks. The law strengthens banking prudential regulations, raises minimum capital requirements for banks and foreign exchange bureaus and reiterates the government's authority to privatize public sector banks. The executive statutes of the Banking Law were passed in March 2004.
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The Central Registration and Depository Law No. 93 of 2000 provides for the creation of a licensed Central Depository to issue deeds that can be used instead of material shares.
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The Capital Market Law No. 95 of 1992 regulates the capital markets in Egypt and grants the Capital Market Authority (CMA) the legal authority and status necessary to ensure the effective execution and enforcement of securities market legislation and regulation
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