This month witnesses the launching by the Central Bank of Egypt of a pilot program in the field of financial technology (fintech) to evaluate the Regulatory Sandbox for Innovative Fintech Apps that was recently set up by the regulator. Fintech start-ups and technology companies specializing in Electronic Know Your Customer (e-KYC) solutions can apply to […]
Sound consumer protection regulation is a staple of developed legal systems. It is therefore typical of states to aspire to reach a balance between promoting a healthy competitive business environment while ensuring the protection of consumers who deal with businesses against unfair, deceptive, fraudulent or harmful practices. In this light, the new Consumer Protection Law […]
On 18 August 2018 the law establishing Egypt’s first sovereign wealth fund named “Misr Fund” was issued. With the purpose of contributing to sustainable economic development through management of state funds and assets, the fund was created as an independent legal entity, with an authorized capital of EGP 200 bn. Misr Fund has the right […]
As part of the recent overhaul of the legal framework governing non-bank financial activities, a new law was issued regulating financial leasing and factoring. The two activities are not new to Egyptian law. Rather, the new law replaces a 1995 law on financial leasing, while factoring, although not governed by an independent law, was regulated […]
New custom duties were issued by Presidential Decree No. 419 0f 2018 which increased import tariffs for over 300 goods in a variety of categories. Government officials announced that the decree is aimed at encouraging national industry and updates the classification of goods to comply with the Harmonized Commodity Description and Coding System (HS) after […]
In March 2018, the Capital Market Law was amended by Law No. 17 of 2018, which introduced the biggest changes to the Capital Market Law since its enactment in 1992. The amendment addresses several vital topics, including a complete new regulation of Islamic bonds “sukuks”, an already thriving Islamic finance product, and the introduction of […]
On 28 February 2018, the Cairo Economic Court issued a fine totaling five billion five hundred and eighty million EGP against four medicine distribution companies for violations of the Competition Law. The competition regulator, the Egyptian Competition Authority, had initiated legal proceedings in 2015 against the four companies (Ramco Pharm– Ibn Sina – Multi Pharma […]
Last February , the Minister of Finance announced the establishment of an electronic system for the submission of tax returns on the Tax Authority’s website. This is part of wider developments aiming to facilitate tax processes to improve Egypt’s overall business environment, including a decision to switch from a paper tax card to an electronic […]
In August 2017, Law No. 196 of 2017 on Organizing the Activities of the Gas Market was enacted to regulate the gas market in Egypt. It aimed to transform the dominance of the Egyptian Natural Gas Holding Company (EGAS) in the downstream market by opening the door to increased participation from the private sector. […]
On Tuesday 30 January 2018, Thebes Consultancy hosted a Roundtable event for Egypt Legal Update subscribers on the new Universal Health Insurance Law No. 2 of 2018. The roundtable provided a brief historical background on Egyptian health insurance laws outlining the basic legislative architecture regulating Egypt’s healthcare sector. The Roundtable covered the Law’s scope and […]
