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FRA Urges Citizens to Exercise Caution ,Report Violating Gold Companies

Waleed Farouk The Egyptian Financial Regulatory Authority (FRA) confirmed that it regulates investment in precious metals investment fund certificates, including gold, and not the direct buying and selling of gold. The Authority has established a comprehensive framework to protect investor rights, starting from licensing investment funds and their investment policies, to creating registries for gold traders and storage entities authorized to deal with investment managers. In a statement issued in response to inquiries about licenses granted to entities inviting citizens to invest in gold, the FRA clarified that only three funds have been licensed to invest in gold and have made their investment certificates available to the public. The FRA further explained that it has created registries for entities qualified to supply gold to investment funds, as well as separate registries for gold storage entities. These entities are not licensed by the FRA to sell gold to the public, and their listing serves only fund-related purposes. Currently, around 200,000 citizens are investing approximately EGP 2.1 billion through investment funds licensed by the FRA. The FRA emphasized that general laws such as the Commercial Law and the Precious Metals and Valuable Stones Control Law regulate the relationship between metal traders and investors or consumers. The FRA does not play a role in organizing this direct relationship. According to Article 35 of Capital Market Law No. 95 of 1992, the FRA has set regulations for investment managers dealing with approved precious metal trading companies. This regulation is specific to licensed investment managers operating through gold investment funds and does not serve as a general license for trading in precious metals. The Authority has recently observed calls to directly purchase gold with implications that certain metal trading companies are licensed by the FRA, which is false. The relevant registry only includes companies permitted to deal with investment managers, not with the general public. The public's dealings with gold traders are governed by Law No. 17 of 1999 (Commercial Law), Law No. 68 of 1976 (Precious Metals Control Law), and other relevant legislation—not the Capital Market Law, which only governs investment fund dealings in precious metals. The FRA urges citizens and investors to exercise caution and report any gold trading companies misusing the FRA's name. Legal action will be taken against such misuse, and the Authority stresses the importance of verifying any company's license claims directly through the FRA. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple