Institutional restructuring of financial regulators : The case of the Egyptian financial supervisory authority EFSA / Heba Ali Hassan Zayed ; Supervised Laila Elkhawaga , Mahmoud Mohi Eldin

Thesis (Ph.D.) - Cairo University - Faculty of Economics and Political Science - Department of Economics

The main challenge in designing regulatory and supervisory models in the financial sector is creating an institutional framework capable of attaining its objectives effectively and efficiently. Ever since the global financial crisis (GFC), multiple countries have revisited their institutional financial regulatory structure, shifting towards the Twin peak model which stood out due to its broader view on systemic risk mitigation and focus on business regulation. This study, being the first attempt to assess the Egyptian financial regulatory authority{u2019}s (EFSA) operational efficiency, utilized a multi-approach methodology combining theoretical, comparative, quantitative, and qualitative techniques. The research utilized survey data conducted on non banking financial services to construct a composite index for assessing EFSA{u2019}s operational efficiency from the perspective of the regulated companies. The operational efficiency of EFSA's regulatory and supervisory performance was found to be 2fair3 with a slight variation among different non-banking financial market activities. Overall, the analysis derived throughout the study indicated that in order to enhance the operational efficiency of EFSA, the authority have to strengthen its functional integrated model and work on reinforcing the main elements that are conducive to achieve an efficient institutional structure

Issued also as CD