Regulatory Alerts2019-04-10
Amendment to the Business Conduct Series 3000 and Licensing and Registration Series 2000 Regulations
The Capital Markets Authority and Banque du Liban issued Announcement No 54 to amend core provisions of the Business Conduct Series 3000 and Licensing and Registration Series 2000 regulations. The updated rules mandate a minimum $15,000 USD opening account balance with a three-month settlement period, enforce strict auditor appointment and asset segregation protocols, and align margin calculations for financial instruments with European Securities and Markets Authority standards. Furthermore, the announcement clarifies employee personal trading account reporting obligations, establishes precise definitions for financial instruments and derivatives, and grants experience-based exemptions from qualification examinations for licensing.
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