The National Council for Wages Sets a New Minimum Wage for Employees in the Private Sector
On 28 June 2021, the National Council for Wages (the “NCW”) announced that it has set a new minimum wage for private-sector employees (the “Decision”). In addition, the Decision provides for new periodic increment schemes that private-sector employees will benefit from. The Decision comes in alignment with the Egyptian government’s action plan to mitigate the […]
read moreThe New Law Regulating Advertisements on Public Roads
Law No. 208 for 2020 regulating advertisements on public roads was promulgated on 30 November 2020 (the “Law”). The Law repeals the previously enacted Law No. 66 for 1956 regulating advertisements, in addition to certain provisions of Law No. 84 for 1968 on public roads and the Construction Law No. 119 for 2008. The Law […]
read moreFRA Issues Comprehensive Anti-Money Laundering and Counter-Terrorism Financing Regulation
The Financial Regulatory Authority (“FRA”) issued Decree No. 2 for the year 2021 (the “Decree”) setting forth comprehensive rules concerning the monitoring and control of anti-money laundering and counter-terrorism financing (“MLTF”) for entities operating in the non-banking financial sector (the “Entities”). On 18 January 2021, the FRA issued the Decree replacing and repealing a series […]
read moreThe Executive Regulations of the New NGO Law
The long-awaited executive regulations (the “Executive Regulations”) have been issued following almost two years since the issuance of the law regulating the activities of non-governmental organizations (“NGOs”) by virtue of Law No. 149 for 2019 (the “NGO Law”), in order to shed some light on the ambiguity that has been surrounding the activities of NGOs […]
read moreAmendments to the Requirements for Private and International Schools Ownership
As part of the Egyptian Government’s ongoing efforts to attract foreign investment in different sectors, the Ministry of Education and Technical Education (“MOETE”) decided to remove the 20% cap on foreign ownership of private and international schools in Egypt (the “Schools”). These Schools will no longer face a limit on foreign ownership after the MOETE […]
read moreNew Amendments to the Legal Framework of Investment Funds, Tender Offers and Sukuks
New amendments have been introduced to the Executive Regulations (“ER”) of the Capital Markets Law issued by virtue of Law No. 95 of 1992 (“CML”). The aim of the amendments is to provide more flexibility to the Financial Regulatory Authority (“FRA”) to implement its investment policies and tackle the issues that companies face in practice. […]
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