Head of "Financial Control": The law regulating the new body is a constitutional entitlement

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The Committee on Economic Affairs of the House of Representatives, during a meeting on Tuesday under the chairmanship of MP Ahmed Samir, discuss the draft law submitted by the government, the issuance of the law of independence and the reorganization of the Financial Supervisory Authority.

Mohamed Omran, chairman of the Egyptian Financial Supervisory Authority [EFSA], made a presentation on the new draft law, saying it is a constitutional entitlement as defined in Article 216 of the Constitution, which stipulates that each law shall be issued to each independent body or regulatory body. , And their other functional positions, so as to ensure their neutrality and independence.

According to the constitutional text, the President of the Republic appoints the heads of these bodies and organs, after the approval of the House of Representatives by a majority of its members, for a period of four years renewable for one time, and none of them shall be relieved of his position except in cases specified by law.

Amran pointed out that Article 217 of the Constitution stipulated that the independent bodies and the regulatory bodies submit annual reports to the President of the Republic, the Council of Representatives and the Prime Minister prior to their issuance. The investigation authorities shall be informed of any evidence of violations. He pointed out that the proposed law provides that the financial supervision is an independent regulatory body that is affiliated to the President of the Republic. It enjoys technical, financial and administrative independence. It has legal personality. It also enjoys all the regulatory, organizational and executive powers necessary to exercise its functions and the independence and impartiality of its members. The Commission is the sole administrative body competent to establish and license companies operating in non-bank financial activities. The Authority shall assume the powers vested in the administrative body in respect of operating companies with securities or financial instruments in one of the Egyptian Stock Exchanges, and their opinions shall be taken in the draft laws relating to their field of operation.

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