Regulatory Alerts2019-05-13
Amendment to the Capital Markets Business Conduct Regulation (Series 3000)
The Capital Markets Authority of Lebanon amended Article 3318 of its Business Conduct Regulation (Series 3000) to modernize client reporting protocols. Approved institutions must now deliver reports, statements, and notices via hard copy or email while adhering to Law No. 81 of 2018 regarding secure correspondence, website integration, and electronic signatures. The directive requires institutions to maintain records of all electronic communications and takes effect upon publication in the Official Gazette.
Announcement No. 55 On the amendment of the Business Conduct Regulation in Capital Markets - Series 3000 Pursuant to Law No. 161 dated 17/08/2011 on Capital Markets, Pursuant to the decision of the Board of the Capital Markets Authority No. 26/7/19 adopted in its meeting held on 02/05/2019, We advise you of the following: First: Article 3318 of the Business Conduct Regulation in Capital Markets relating to the transmission of reports to clients shall be amended to read as follows: The approved institution shall send all reports, statements and notices to clients required under the regulations either in hard copies or by e-mail, provided compliance in the case of electronic transmission, with all the provisions of Law No. 81 dated 18/10/2018, especially in terms of organizing and keeping correspondence in such a manner so as to secure their safety, the use of secure means introducing the website and the association of electronic signature with the protection measures adopted by the approval service provider. The approved institution must retain a record of each electronic communication sent to a client. Second: This announcement shall enter in force upon its publication in the Official Gazette.
Beirut, May 13, 2019 Chairman of the Capital Markets Authority/ Governor of the Central Bank of Lebanon Riad Toufic Salame