Amendment to the Business Conduct Regulation in Capital Markets Series 3000

Announcement No 34
On the amendment of the Business Conduct Regulation in Capital Markets- Series 3000

Pursuant to the Law No 161 dated 17/8/2011 on Capital Markets, Pursuant to the decision of the Capital Markets Authority’s Board No 23/6/18 taken in its meeting held on 21/5/2018, We inform you of the following:
First: Paragraph (3) of Article 3308 of the Business Conduct Regulation in Capital Markets￾Series 3000 related to the Mandate over Clients Accounts whereas approved institutions were authorized to undertake securities-related activities to execute the orders given by their clients, after obtaining a mandate on their behalf to execute their orders related to their own dealing accounts opened with approved institutions in Lebanon or abroad, and the text would read as follows:
“Any natural or moral person is prohibited from obtaining a mandate from more than one client pertaining to his own dealing accounts opened with an approved institution/institutions in Lebanon or abroad. However, this prohibition does not apply to the following:

• The natural person mandated by his family members, including the ascendants
  and descendants, or the spouse and brothers and sisters to manage his own dealing accounts.
• The approved institutions for conducting securities related activities, knowing
  that these institutions, and after obtaining mandates from their clients, can execute their orders pertaining to their own dealing accounts opened with approved institutions in Lebanon or abroad. However, the approved mandated institution is bound to disclose to its clients any commission it gets from the institution receiving the instructions.” Second: This Announcement shall enter in force upon its publication in the Official Gazette. Beirut, March 29, 2018 Chairman of the CMA/ Governor of Banque du Liban Riad Toufic Salame