Regulatory Alerts2019-11-19 | 13149Central Bank Decision No. 13149 Amending Decision No. 7776 on Credit, Investment, and Participation Operations
The Governor of the Central Bank of Lebanon issued Decision No. 13149 to amend Decision No. 7776 regarding credit, investment, and participation operations. The amendment establishes a maximum deadline of December 31, 2020, for banks in violation of the regulation to regularize their status, with a provision allowing those unable to comply to petition the Central Council before that date. This decision entered into force immediately upon issuance and was published in the Official Gazette.
Circular No. 534
For Banks and Financial Institutions
Regarding the amendment of Decision No. 13149 dated 19/11/2019 concerning the amendment of Decision No. 7776 dated 21/2/2001 (Credit, Investment, Participation, and Joint Venture Operations) attached to Circular No. 81.
Beirut, November 19, 2019
Governor of the Central Bank of Lebanon
Riad T. Safra
Decision No. 13149
Amending Decision No. 7776 dated 21/2/2001 (Credit, Investment, Participation, and Joint Venture Operations)
The Governor of the Central Bank of Lebanon,
Pursuant to the Monetary and Banking Law, specifically Articles 174, 175, 70, and 76 thereof,
Pursuant to Decision No. 7776 dated 21/2/2001 and its amendments concerning credit, investment, participation, and joint venture operations,
Pursuant to the powers vested in the Governor to ensure the operation of the Central Bank based on the principle of continuity of public service,
Has decided as follows:
Article 1: The text of "Third" and "Fourth" paragraphs of "First" of "First" of Decision No. 7776 dated 21/2/2001 is repealed and replaced with the following:
"Third": Banks found in violation of the provisions of this Article shall be granted a maximum period of 31/12/2020 to regularize their status.
"Fourth": Banks that are unable to regularize their status within the period specified above may refer the matter to the Central Council for this purpose before the date of 31/12/2020."
Article 2: This Decision shall enter into force immediately upon its issuance.
Article 3: This Decision shall be published in the Official Gazette.
Beirut, November 19, 2019
Governor of the Central Bank of Lebanon
Riad T. Safra