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On March 10, 2009, Egypt issued a new law on the control of markets and non-bank financial instruments. The law creates a new authority that integrates the Capital Market Authority, the Insurance Control Authority and the Real Estate Finance Authority into one entity. The new authority will be responsible for oversight and supervision of markets and non-bank financial instruments, and related activities, including the capital markets, commodity markets and futures, the activities of insurance, real estate finance, leasing, factoring and securitization. The new law also establishes an Institute of Financial Services which will work on the development of skills of workers in the field of non-bank financial services. The law takes effect June 1, 2009.
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