Head of the Egyptian Financial Supervisory Authority (EFSA), Sherif Sami and Head of the Egyptian Competition Authority (ECA), Mona Al Garf signed Sunday, a “Framework Agreement” for cooperation between the two authorities, according to a statement.
The agreement takes place amongst the activities of celebrating the tenth anniversary since establishing ECA.
“The agreement targets the cooperation between the two authorities in order to achieve the citizen’s interest and to emphasis on free competition in financial services through preventing the monopolistic practices and acts by non-banking financial institutions supervised by the Authority”, said Sami.
The signed agreement emphasises on the willing of the two parties in guarantying the freedom of competition and the transparency in the Egyptian market, revealing all monopolistic activities that might affect the rights of competition and the rights of who are involved in it through the laws applied by each sector, Sami noted.
Furthermore, Sami added that the agreement also includes the coordination in exchanging information and consultation about the rules and procedures of competition protection, providing technical opinion and necessary awareness of requirements of the law. As well as, the training of personnel of non-banking financial activities without prejudice legal jurisdictions of each Authority.
The cooperation between the two authorities has commenced several months ago through a joint workshop of representatives from EFSA and ECA. The workshop titled “the role of competition in the development of non-banking financial services sector” targeted promoting the law awareness of representatives seeking larger coordination and more competition in the activities supervised by the Authority.