Regulatory Alerts2022-06-14
On Amending the Collective Investment Scheme Regulations Series 8000
The Capital Markets Authority, via Notice No. 83 signed by Governor Riad T. Salame, amends Article 8102 and Annex No. 4 of the Collective Investment Scheme Regulations Series 8000 to clarify licensing and reporting obligations. The amendment establishes that licensed institutions providing advisory or dealing services regarding Lebanese collective investment schemes are exempt from prior Capital Markets Authority approval for both public and exempt offerings, regardless of whether the schemes are domestic or foreign. Additionally, it mandates that licensed institutions submit a monthly report detailing subscription and redemption operations for all sold foreign schemes and sub-funds within ten days of each month’s end.
Notice No. 83 Concerning the Amendment of the Collective Investment Scheme Regulations Series 8000
Pursuant to Law No. 161 dated 2011/8/17 concerning Capital Markets, and based on Capital Markets Authority Board Decision No. 21/11/3 (repeated) taken in its meeting held on 2021/12/14 and based on Capital Markets Authority Board Decision No. 22/3/19 taken in its meeting held on 2022/3/22, The following is hereby notified:
First: Paragraph 3 of Article 8102 of the Collective Investment Scheme Regulations Series 8000 is amended to read as follows: 3. Any person who provides advice or holds themselves out as providing advice regarding investment in a collective investment scheme in Lebanon, and any person who deals or holds themselves out as dealing in units of a collective investment scheme in Lebanon, must be a licensed institution to conduct this activity under the provisions of the Registration and Licensing Regulation. The license granted to conduct advisory services includes providing advice regarding investment in collective investment schemes; therefore, prior approval from the Capital Markets Authority is not required to provide advice regarding these schemes, whether they fall under public offering (public offer) or exempt offering (exempt offer) conditions, and whether they are established in Lebanon (domestic) or abroad (foreign).
Second: The preamble of Annex No. 4 attached to the Collective Investment Scheme Regulations Series 8000 is amended to read as follows: The licensed institution must submit a monthly report to the Capital Markets Authority regarding subscription and redemption operations for each of the foreign collective investment schemes and foreign sub-funds that the institution sells under a public or exempt offering, within ten days from the last day of the month.
Third: This notice takes effect immediately upon its publication in the Official Gazette.
Beirut, on June 14, 2022
Chairman of the Capital Markets Authority / Governor of the Central Bank Riad T. Salame