The long anticipated Egyptian Personal Data Protection Law No. 151/2020 was issued on 15 July 2020 (the “Law”). Since the issuance of the draft law in February 2019, extensive engagement and discussions have taken place between Parliament, Government and key stakeholders in the technology and telecommunication industry aiming to attract investment and to provide strong […]
The long anticipated Egyptian Personal Data Protection Law No. 151/2020 was issued on 15 July 2020 (the “Law”). The Government has submitted the draft law back in February 2019 and extensive engagement, discussions and negotiations have since taken place between Parliament, Government and key stakeholders in the technology and telecommunications industry. The engagement and discussions aimed to attract investment […]
The long anticipated Egyptian Personal Data Protection Law has finally been issued on 15 July 2020 by law No. 151/2020 (the “Law”). The Government has submitted the draft law back in February 2019 and ever since, extensive engagement, discussions and negotiations have taken place between the Parliament, the Government and key stakeholders in the technology […]
This is an overview on the final version of Egypt’s Protection of Personal Data Law and the industry efforts to address the key showstoppers and concerns on the draft law submitted by the government. We also highlight the final outcome for the law which was published in the official gazette on July 17, 2020. This law comes […]
Highlight On 21 June 2020, the President ratified Law No. 83 of 2020 amending the State Financial Resources Development Fee Law No. 147 of 1984 (the “New Amendments”). The New Amendments were published on 23 June 2020 in the Official Gazette to be effective as of 24 June 2020. Scope of Application The New Amendments amended some of […]
Highlights Decree No. 276 of 2020 dated 2 June 2020 (“Decree”) issued by Minister of Finance establishes a new program under the name of the “Authorized Economic Operator Program (“AEO”)” and sets out the criteria and benefits of said program. Scope of the Decree The Authorized Economic Operator program is opened to any person […]
Highlights Decree No. 61 of 2020 dated 8 April 2020 (“Decree”) issued by the Egyptian Financial Regulatory Authority (the “FRA”) outlining the corporate governance rules and regulations of the consumer finance companies. Main Points of the Decree 1. Board of Directors (“BoD”):• The majority of the board members should be non-executive ones; including a […]
Highlights Law No. 26 of 2020 was issued on 7 May 2020 amending some provisions of the Income Tax Law No. 91 of 2005 (the “Amendment”), including adding new tax rates and tax brackets as well as increasing the annual personal exemption to EGP 9,000. Scope of Amendment The Amendment introduces the following new […]
Highlights In response to the COVID-19 outbreak and its financial implications, the Egyptian government has taken numerous measures and issued a number of decrees to support the Egyptian economy and businesses during these challenging times. In line with such measures, on 7 May 2020, the Law No. 24 of 2020 on Setting-out Financial Rules for the Ramifications of the Novel Coronavirus (the […]
Chairman and CEO Requirement The Financial Regulatory Authority (“FRA”) issued a Decree No. 47 of 2020 (“Decree”), published on 19 April 2020, amending the listing and delisting rules and stated that it is prohibited for any person to hold the positions of: (i) Chief Executive Officer or Managing Director; and (ii) Chairman of a company […]
Highlights Cabinet Decree no. 800 of 2020 was recently issued amending the executive regulation of Law no. 17 of 2019 on the reconciliation of construction violations. Scope of the Decree This Decree provides for the composition of one committee (or more) within the administrative competent authority in order to handle the settlement and reconciliation requests […]
We have published an article last Thursday, 19th of March[1] regarding the impact of recent events surrounding COVID-19 and their effect on employees. We are following-up with some business ideas and their legal risks to address the situation for the benefit of the market in this publication. Misinformation and anxiety are spreading fast in the current circumstances. […]
Now that the spread of the Covid-19 virus (commonly known as the Coronavirus) has been declared as a pandemic by the World Health Organisation, countries are now either encouraging or forcing their citizens to lock-down, while working hard to raise awareness so not to cause mass panic. Public and private sectors alike are implementing different […]
Highlights Cabinet Decree no. 6 of 2020 (the "Decree") was recently issued to further encourage investments that fall under the Investment Law no. 72 of 2017 (the "Investment law") Scope of the Decree The Decree clarifies the regulatory framework under which expansions to existing investment projects under the Investment Law are entitled to receive […]
