Regulatory Alerts2013-12-27
Establishment of the Capital Markets Authority Board
The Capital Markets Authority of Lebanon formally establishes its seven-member Board under Law 161 and Decree 8475, appointing three expert members alongside the Secretary General and Financial Control Unit Head. The announcement details the administrative structure, names key officials including Chairman Riad Toufic Salame, and lists Board members Sami Saliba, Firas Safieddine, and Fadi El Fakih. All financial instrument trading institutions are required to cooperate with regulatory control operations by supplying necessary information and documentation to facilitate the Authority’s statutory functions.
Announcement No.1 To all the institutions and entities trading in financial instruments in Lebanon on behalf of the public, or for their own account, in accordance with Articles One, Two, and Five of Law 161 of August 17, 2011 (on Capital Markets) Pursuant to Law 161 of August 17, 2011 (on Capital Markets), Pursuant to Decree 8475 of July 10, 2012, Pursuant to the Internal Regulations of the Capital Markets Authority, And pursuant to the Decision of the Capital Markets Authority’s Board taken in its meeting held on December 20, 2013, Please be informed of the following: 1- On August 17, 2011, the parliament approved Law 161 that establishes the Capital Markets Authority and assigns its management to a Board formed of seven members including three experts (members) appointed in accordance with Decree 8475 of July 10, 2012. 2- According to the said law, the Capital Markets Authority comprises:
- An administrative body known as the "Secretariat of the CMA" headed by the Secretary General who was appointed by virtue of the CMA Board Decision taken in its meeting of January 18,
- A Financial Control Unit entrusted with the control of capital markets in accordance with Law 161 of August 17, 2011. The Financial Control Unit is managed by a Head who was appointed by virtue of the CMA Board Decision taken in its meeting of November 12, 2012. Therefore, All the institutions and entities trading in financial instruments on behalf of the public, or for their own account, are requested to cooperate to facilitate the CMA control operations, and provide the CMA with all the information and documents it might need in the process of executing its functions in accordance with the applicable laws and regulations. Beirut, on December 27, 2013 CMA Chairman/ Governor of the Central Bank of Lebanon Riad Toufic Salame (signature)
Annex to Announcement no. 1 The expert members: Board Member – Mr. Sami Saliba – Expert in Banking Board Member – Mr. Firas Safieddine – Expert in Capital markets Board Member – Mr. Fadi El Fakih – Expert in Financial matters CMA Secretary General: Dr. Saade Chami Head of the Financial Control Unit: Mr. Khalil Ghalayini