Regulatory Alerts2018-05-29
Amendment to the Business Conduct Regulation in Capital Markets Series 3000
The Capital Markets Authority and Governor of Banque du Liban issued Announcement No 34 to amend Article 3308 of the Business Conduct Regulation in Capital Markets Series 3000 regarding mandates over clients' accounts. The amendment prohibits natural and legal persons from obtaining mandates for more than one client regarding their own dealing accounts with approved Lebanese or foreign institutions, while explicitly exempting family members and securities-approved institutions. Mandated institutions must disclose any commissions received from the receiving institution, and the regulation takes effect upon its publication in the Official Gazette.
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