Regulatory Alerts2018-02-12
Amendment of Announcement 28 Regarding Financial Intermediation Institutions Compliance and Documentation Requirements
The Capital Markets Authority and the Governor of Banque du Liban issued Announcement No 31 to amend Paragraph Third of Announcement No 28, establishing a December 31, 2018 compliance deadline for approved financial intermediation institutions. These entities must now submit specific documentation to the Capital Markets Authority, including a signed statement of activity categories with allocated minimum capital, a certified auditor's compliance report, and an insurance policy covering at least two billion Lebanese pounds. The amendment mandates that all required information per Annex 1 of the Licensing and Registration Regulation in Capital Markets Series 2000 be provided to formally constitute each institution's approved file, with the announcement taking effect upon official gazette publication.