"Economic MPs" calls for the integration of the government project with the law of the Financial Supervisory Authority

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The Economic Affairs Committee of the House of Representatives has asked the State Council to provide the law with a view to the possibility of including the draft law submitted by the government to issue the law of independence and re-organization of the Egyptian Financial Supervisory Authority, with Law No. 10 of 2009 regulating the supervision of markets and non-bank financial instruments.

This came after a number of members of the Committee, at a meeting on Tuesday, on the multiplicity of laws in the light of the submission of the government draft law to reorganize the Commission at the time when there is Law No. 10 of 2009 on the Commission.

MP Ahmed Samir, the chairman of the committee, asked: "Why has not the existing law been amended so that there is unity in the legislation? Especially since the parliament has agreed in the last sessions to amend the law regulating the supervision of financial markets, which includes the amendment of the second paragraph of Article 7, Of the Authority's proceeds in favor of the State Treasury. "

He added that it was better to amend the law of the original body instead of submitting an independent draft law, which was followed by Dr. Mohamed Omran, Chairman of the General Authority for Financial Supervision, saying: "The Constitution provides for the independence of the bodies, Article 216 stipulates that be issued to each independent body or regulatory body A law defining its powers, its working system, guarantees of its independence and the necessary protection for its members and other functional conditions, so as to ensure their impartiality and independence. "

The "Amran" that the opinion of the Commission concluded that there is a law to translate that constitutional article. MP Medhat Al-Sherif said: "Law No. 10 of 2009 includes all matters governing the work of the General Authority for Financial Supervision. The draft submitted by the government does not provide any new, but contributes to the creation of a legislative chaos, which is indispensable. Useful. "

The deputy MP Ahmed Abdel-Hamid, Bassam Fahmy, MP Medhat El-Sherif, said, "We are not missing new laws, our main problem is the existence of a forest of laws." MP Ahmad Samir pointed to the agreement of members of the committee on the need for independence of the Commission "We will face a problem if the law is rejected because of the lack of time that has not allowed the government to prepare an integrated law that combines the law No. 10 of 2009 and the law submitted by the government," adding that the current law No. 10 of 2009 is submitted to the draft law submitted by the government , Which was endorsed by the members who had been invited Wa meeting, as adviser Mohamed Ibrahim representative of the Council of State confirmed that he would review the legal opinion on the possibility of integration between the new project and the existing law, to avoid any flawed legislative.

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