Regulatory Alerts2020-01-30 | 13187Added · Updated
Issuing of Certificates of Deposit & Banking Certificates and Bonds
Central Bank of Lebanon Governor Riyad T. Salamam issued Intermediary Circular No. 13187 to amend Decision No. 6856 (dated December 19, 1997) regarding debt securities and Decision No. 7224 (dated February 11, 1999) regarding certificates of deposit and banking certificates. The amendments introduce Article 6 bis into the former decision and Article 20 into the latter, mandating that principal and interest for all relevant instruments held by custodians in Lebanon must be settled in open accounts with banks operating in Lebanon. These measures apply exceptional procedures used by Euroclear S.A.N.V. for converting these securities abroad and are effective immediately for a duration of six months from the date of issuance.
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