Egypt: Regulatory Waiver

The Regulator

The Egyptian Financial Supervisory Authority (EFSA) is responsible for monitoring and regulating non-banking financial markets and instruments in Egypt. In 2009, the EFSA replaced the Capital Market Authority (CMA), the Egyptian Insurance Supervisory Authority (EISA), and the Mortgage Finance Authority (MFA) as an integrated government agency.

Requirements to Practice

The CMA Chairman’s Office Decision No. 24 of 2007 (PDF) outlines eleven jobs that must be filled by all securities intermediaries.

  1. The company’s managing director.
  2. A branch director for companies granted the CMA’s approval to practice brokerage activity through one branch or more.
  3. An internal control officer.
  4. An anti-money laundering officer.
  5. An executor.
  6. An account manager.
  7. A researcher and a financial analyst for companies granted the CMA’s approval to prepare reports or researches on securities, their markets and issuing companies.
  8. A financial manager.
  9. A back-office operations manager.
  10. A risk manager.
  11. An internal auditor.

The individuals in these positions must meet the requirements defined in the document and pass the exams relevant to their position (outlined in Annex 1).

The Waiver

Individuals who have passed CFA Level I are exempted from the exam requirement for relevant positions. (See Annex 2 of the CMA Decision No. 24 document).