On Nov. 23, EGY CB issued circular re credit inquiry, rating companies.
EGY CB issued Circular updating rules regulating credit inquiry and rating companies.
Subject entities are given a 12-month period to comply with the circular's provisions.
Document dated Nov. 23, 2023, was received on Jan. 8, 2024 due to a new feed.
Highlights of Circular
Credit inquiry, rating companies collect, analyze personal, credit information, related data to bank customers, credit granting entities, compile financial, non-financial data.
Enumerated the information and data providers in addition to credit granting bodies.
Provision shall apply to the credit inquiry and rating companies, the licensed banks by EGY CB, including branches of foreign banks, in addition to the credit granting bodies.
Listed rules, conditions, procedures for licensing, suspension of activity or liquidation, cancellation or registration and licensing, cassation of activity and optional liquidation.
Specified terms for forming board of directors, achieving balance and independence, in addition to the responsibilities and terms to evaluate his efficiency and performance.
Provisions on reviewing committee, risk committee, IT and security committee and a governance and nominations committee in addition salaries and bonuses committee.
Board of director, senior management shall establish the internal control culture in the company and to verify its independence by separating them from executive functions.
Set out rule for ownership of capital of inquiry, credit rating, shareholding companies.
Detailed protecting customers' rights and mechanisms for examining their complaints.
EGY CB monitors and supervises credit inquiry, rating companies through its sectors.
