The Egyptian Financial Regulatory Authority (FRA) has delivered on its mandate to invigorate the non-banking financial services industry by issuing three core decrees regulating e-contracts, digital identity and e-KYCs, and digital security requirements. Throughout this publication, our team of legal experts in fintech explore the various aspects of the new regulatory regime's vision. The contributors […]
In a major step towards digital transformation, the Central Bank of Egypt issued a circular on 12 July 2023 regulating the licensing, registration, and supervision of Digital Banks in Egypt. The Circular is issued in conformity with the CBE’s long-standing financial technology transformation and innovation agendas. It is expected to alter the Egyptian banking landscape […]
We are thrilled to announce that ADSERO has been certified as a scheme member recognised by The Law Society of England and Wales for the third consecutive year. In addition, ADSERO remains the only firm in the MENA region awarded the Lexcel accreditation. The Law Society is the independent professional body for solicitors. Lexcel is their legal […]
We are pleased to share our most recent report highlighting the critical decisions the Board of Directors issued by the Financial Regulatory Authority (FRA) during the first half of 2023. To access the first issue, click on the attachment below.
Introduction The Senate initially approved a new draft of the labour law, to be issued soon, entirely replacing the current labour law no. 12 of 2003 (the “Draft Law”). Overview This alert briefly sheds light on the key revisions introduced to the Draft Law by the Senate compared to the previously published draft (earlier […]
Amendments to the Executive Regulations of the Customs Law The MoF issued the following Decrees introducing amendments to the ER of the Customs Law, issued by virtue of the MoF Decree No. 430 of 2021: 1. Decree No. 209 of 2023 (the “Decree”) Issuance Date: 19 April 2023. Purpose: The Decree has added new provisions to […]
Introduction On 19 June 2023, the National Wage Council (the "NWC") held a meeting chaired by Dr Hala El-Said, the Minister of Planning and Economic Development, in the presence of, among others, Dr Hassan Shehata, the Minister of Labour, Dr Saleh El Sheikh, Head of the Central Agency for Organization and Administration and Mr Khairat […]
Highlights On 4 June 2023, the Prime Minister issued decree no. 2140 of 2023 (the “Decree”) amending Article No. 76 and introducing a new Article, no. 76 bis, to the Executive Regulations of the Investment Law No. 72 of 2017 (the “Amendments”), which entered into force the following day. The amendments aim to facilitate investment in […]
Highlight On 31 March 2023, law no. 19 of 2023, regarding the legalisation of unlicensed industrial facilities (the “Law”), has entered into force, authorising the Industrial Development Authority (the “IDA”) to grant a temporary operational license to the unlicensed industrial facilities. On a related front, on 9 May 2023, the Ministry of Trade and Industry […]
Highlight The Central Bank of Egypt (the “CBE”) has recently issued a circular dated 14 May 2023 (the “Circular”) by virtue of which it has updated the regulations governing the licensing, operations, and regulatory supervision of foreign exchange companies (“FX Companies”) in the Arab Republic of Egypt (the “ARE”). The Circular is issued as part […]
ADSERO attended a recent roundtable discussion focusing on finance and investment hosted by the American Chamber of Commerce in Egypt on the occasion of the U.S.-Egypt Joint Economic Commission (JEC), a government-to-government dialogue, in partnership with The United States Chamber of Commerce. The State Ownership Policy (the “SOP”) was a topic that was explored by panellists and […]
We are delighted to announce that we have served as the legal counsel for Telecom Egypt S.A.E (TE) in the successful sale of 10% of Telecom Egypt's shares on the Secondary Market at EGX, with an approximate value of EGP 4 billion. The offering, which is divided into two tranches, with 9.5% allocated to qualified […]
Highlights The much-anticipated executive regulations (the “ERs”) of the hotels and touristic establishments law no. 8 of 2022 (the “Law”) was issued by the Prime Minister on 21 February 2023 and entered into force the following day. The ERs repeal the prior ERs, in force since 1973. Furthering the Egyptian government’s plan to promote […]
We are delighted to share our latest contribution to The World Bank's latest report, "Women, Business and the Law 2023". The report is the ninth in a series of annual reports that analyze laws and regulations affecting women’s economic opportunity in 190 economies. The contributors to this report are Mohamed Abdelgawad, Partner and Head of Corporate, Commercial and Regulatory, Alia Monieb, Counsel […]
We are pleased to announce that our client, the Egyptian Ministry of Finance (MOF) been awarded the Global Sovereign Sukuk Deal of the Year for its establishment of the first Sovereign Sukuk program of USD 5 BN from the GFC Media Group Bonds, Loans and Sukuk Middle East Awards 2023. Our team was led by Hossam Gramon, Partner […]
