Securities Business Licensing and Registration Regulation

2022 29 August 1.15 Version 2017 19, January :Publication of Date تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 2017 19, January :Publication of Date 2022 29 August 1.15 Version

2022 29 August 1.15 Version 2017 19, January :Publication of Date 1 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Contents of Table Introduction – A Part Purpose – 2001 Principles – 2002 Activities Business Securities – B Part Exclusions and
Part this of Application – 2101
approval for Requirements – 2102 activities business Securities – 2103 defined business Securities – 2104 Lebanon in business securities on Carrying – 2105 requirement license from Exclusions – 2106 ventures joint and groups Economic – 2107 course the in on carried Activities – 2108 business another of sale the with connection in Activities – 2109 company a of account own for arranging or Dealing – 2110 advertisements Securities – 2111 advertisements Exempt – 2112 :Institutions of Licensing – C Part Process and Requirements
Part this of Application – 2201
License for Applications – 2202 Institution Intermediation Financial of Establishment – 2203 1Institutions Intermediation Financial of Shares – 2204 License for Requirements – 2205 applicant in Persons of Propriety and Fitness – 2206 Institutions Authority the of Powers and Processes – 2207 License in Changes – 2208 Activities Business Securities Ceasing – 2209 License a Cancel to Request – 2210 Authority the by License of Cancellation – 2211 License a Maintaining – D Part license of maintenance of Conditions – 2301 controllers in Changes – 2302 links close in Changes – 2303 requirements Notification – 2304 Fees – 2305 No Annoucement by added was article This 1 2018 20, February on issued 29 ١

2022 29 August 1.15 Version 2017 19, January :Publication of Date 2 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 – Persons Registered of Approval – E Part 2Process and Requirements Application – 2401 Functions Registrable – 2402 functions registrable of Performance – 2403 Registration for Applications – 2404 Registration for Requirements – 2405 Individuals – Person Proper and Fit – 2406 Authority the of Powers and Processes – 2407 registration of Cancellation – 2408 Exemptions – 2409 this of provisions the of Enforcement – F Part regulation regulations this of provisions the of Enforcement – 2501 Authority the by ANNEXES Required with License for Application – 1 ANNEX Documents and Information be to Required Documents and Information – 2 ANNEX a Establish to Approval for Application the with filed Institution Intermediation Financial Authority the to Requirements Notification – 3 ANNEX required with Registration for Application – 4 ANNEX Documents and Information Prescribed and Functions Registrable – 5 ANNEX Examinations 3FIPI – 6 ANNEX 3 No Annoucement by amended were Part this of Articles The 2 on issued 25 No Decision cancelled which 2017 28, October 2016 29, September dated 24 Announcement by 6 number by replaced was Annex this of number The 3
2020. 19, May on issued 65 .No

2022 29 August 1.15 Version 2017 19, January :Publication of Date 3 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 2000 SERIES Registration and Licensing Activities Business Securities For Introduction – A Part Purpose – 2001 :to is Regulation this of purpose The– 1 on carry to required license of categories the Establish .i .Lebanon in business securities a obtain to requirement the from exclusions Identify .ii .license carry to required registration of categories the Establish .iii an of behalf on activities and functions designated out .institution approved obtaining for conditions and requirements the Set .iv .institution approved an as license a obtaining for conditions and requirements the Set .v .(individuals (person registered a as registration or license a of maintenance the for conditions the Set .vi .registration a ,applications to apply that procedures the Establish .vii or license a of termination and ,changes ,approvals .registration Principles – 2002 ,institution approved an as license a for approved be To– 1 :conditions following the meet must applicant an securities the on carry to person proper and fit a Be .i .for approval seeks it that business experience ,expertise sufficient has it that Demonstrate .ii .business securities that on carry to resources and and honesty with business conducting to Commit .iii .interests’ customers its for regard due and ,integrity ,systems adequate established has it that Demonstrate .iv ,governance corporate covering procedures and policies operations ,compliance ,management risk ,finance and business with comply and meet to controls and .requirements regulatory management appropriate the ensure and Identify .v approved the between interest of conflicts any of .clients its and institution applicant an ,person registered a as approved be To– 2 :conditions following the meet must functions the out carry to person proper and fit a Be .i .for registration seeks it that activities and experience and skill ,knowledge sufficient Demonstrate .ii .activities and functions those out carry to and honesty with functions the out carrying to Commit .iii .interests’ clients for regard due with and ,integrity comply and meet to intent and ability the Demonstrate .iv .requirements regulatory and business with

2022 29 August 1.15 Version 2017 19, January :Publication of Date 4 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Activities Business Securities – B Part Exclusions and
Part of Application – 2101
securities on carries that person any to applies Part This– 1 .Lebanon in business approval for Requirements – 2102 ,Lebanon in business securities on carry to order In– 1 licensed institution approved an be must person any from excluded is person the unless ,Authority the by .Regulation this under licensed be to requirement the as out itself hold or ,on carry not must person A– 2 obtaining to prior business securities on carrying .Authority the from license a for approval institution an to apply not does) 1 (article-Sub– 3 business securities on carry to licensed previously a obtains institution the if ,Liban du Banque the by the with accordance in Authority the from license by required as ,Authority the by set requirements
161. Law the of 57 article
4activities business Securities – 2103 the on carrying means activities business Securities– 1 5activities following the of any of business :
security a trading or in Dealing – Dealing 1- agent as or principal as taking or ,buying ,Selling– a ,buy or sell to order an .security an of role the Uptaking– agent distribution approved collective foreign a for .scheme investment Capital Required 6 Million 720 LBP liquidity or maker Market– provider for subscriptions Managing– underwriting or distributing .securities not does license This a for arranging include client provide to party third which services custody license a obtaining requires arranging out carry to .services not does license This out carrying include also which services custody custody a obtaining require .license Capital Required 7 Billion 1.8 LBP 4 :
٥
29 .No Announcement by added were Article this of 5 & 2,3,4 articles-Sub 4 2018 20, February on issued 2020 19, May on issued 65 .No Announcement by amended was article-sub This 5 issued 84 .No Announcement by amended was required capital minimum The 7&6 2022 28,July on

2022 29 August 1.15 Version 2017 19, January :Publication of Date 5 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 to advice suitable Providing – Advising 2- benefits on person another investment his of risks and of type any in dealing or securities any exercising on Advising– security a to related right securities out Carrying - private or public ,offerings placements advice financial Providing– :on advising including dealing ,investments corporate ,securities in mergers ,matters finance does This .acquisitions and orders taking include not requires which clients from carry to license a obtaining .services dealing out Capital Required 8 Million 180 LBP transactions Arranging – Arranging 3- securities to relation in business to persons Introducing– securities in transactions business a together put to Acting– security a in transaction arranging includes This– ,deals finance corporate acquisitions & mergers ,offerings securities ,deals private or public placements party third a for Arranging– .services custody provide to provisions the to Subject particular in 3000, Series of 3517 and 3515 articles thereof not does Arranging :Note executing (Dealing include .(trades Capital Required 9 Million 360 LBP or security a Managing – Managing 4- securities of portfolio a a on person another for basis discretionary management includes It investment collective of Additional (schemes apply requirements .(Regulation CIS the under Capital Required 10 Billion 3.6 LBP issued 84 .No Announcement by amended was required capital minimum The 8 2022 28,July on issued 84 .No Announcement by amended was required capital minimum The 9 2022 28,July on issued 84 .No Announcement by amended was required capital minimum The 10 2022 28,July on

2022 29 August 1.15 Version 2017 19, January :Publication of Date 6 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 ً assets Safeguarding – Custody 5- person another for securities including client includes It– and ,services custody ,rights administering actions and benefits .Security a to relating a as acting includes It collective a for custodian .scheme investment requirements Additional( CIS the under apply .(Regulation Capital Required 11 Billion 7.2 LBP financial ,activities their out carry to order In– 2 to right the have institutions intermediation complementary are that operations other undertake prohibited however are They .objective main their to :undertaking from are operations such when except ,operations Exchange .i within ,performed those to related or complementary .clients their of behalf on ,objects their of limits the ,coins metal ,cash of transportation border-Cross .ii .specie and bullion activity any or activity industrial or commercial Any .iii .intermediation financial to related not in operating institutions intermediation Financial– 3 activity their with accordance in ,allocate must Lebanon :capital -1Tier their of out and in specified minimum the to equivalent amount An .i the to allocated article this of article-sub first the headquarters of each for required capital the of 30% of amount An .ii this of article-sub first the in specified categories the .branch each to allocated article institution intermediation financial Lebanese Any– 4 allocate must abroad branch a open to intending for required amount the times three branch this to the to addition in ,Lebanon in branch of opening the .authorities foreign concerned the by imposed amount any or ,allocation total or ,capital total required The– 5 single a in full in up paid be must increase subsequent .payment cash 84 .No Announcement by amended was required capital minimum The 11 11 عدل الرأسمال الأدنى المطلوب بموجب الإعلام رقم 84 تاريخ 28 تموز 2022 2022 28,July on issued

2022 29 August 1.15 Version 2017 19, January :Publication of Date 7 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 ، ً )Brokerage Introducing )لتعريف المستثمرين على المؤسسة Brokerage )لصالح المؤسسة، 12 defined business Securities – 2104 person that if business securities on carries person A– 1 in out set activity business securities any in engages and 2103, article ,activity commercial or business on carrying is .i that in engage to able and willing as out itself holds .ii or ,activity based transactions in engage to persons other solicits .iii
Part this in out set exclusion an unless ,activity that on
.applies
Introducing (broker a as acting company or individual An– 2 approved the to investors introduce to) Brokerage out carrying as considered be not shall institution institution approved the ,However .business securities :following the do shall names the about Authority Markets Capital the Inform .i introducing as acting individuals and companies all of ;institution the of favor in brokers commissions all clients to disclose fully and Clearly .ii .transactions such from brokers such by received Lebanon in business securities on Carrying – 2105 if Lebanon in business securities on carries person A– 1 :activity business securities a in engages person the or ,Lebanon in business of place permanent a from .i .Lebanon in person a for or with .ii requirement license from Exclusions – 2106 obtain to requirement the from exempt is person A– 1 a in engages person the if 2102 article in license a articles by covered is that activity business securities
2110. to 2107
ventures joint and groups Economic – 2107 principal as acting company a between transaction A– 1 that company another and or; group corporate same the of members are .i joint a in participants ,become to propose or ,are .ii that of purpose the for is transaction the and venture .venture and advising ,managing ,arranging of activities The– 2 :by on carried custody the and group corporate a of member a is that person a .i member another for provided are question in services or ,group the of participant a ,become to proposes or ,is that person a .ii are question in services the and venture joint a in venture joint the in participant another to provided .venture that of purpose the for and on issued 65 .No Announcement by added was article this of 2 article-Sub 12 12 أضيفت الفقرة 2 من هذه المادة بموجب الإعلام رقم 65 تاريخ 19 أيار .2020
2020. 19, May

2022 29 August 1.15 Version 2017 19, January :Publication of Date 8 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 business another of part as Activities – 2108 to incidental is that activity business securities A– 1 than other business or profession any on carrying
part necessary a is that and business securities
that of course the in provided services other of person the that provided ,business or profession as out itself hold not does activity the on carries that .business securities on carrying company a of sale the with connection in Activities – 2109 activity business securities a or ,made transaction A– 1 the for principal as acting person a by ,on carried of 50% least at of disposing or acquiring of purpose .company a in shares voting the account own for arranging or Dealing – 2110 a by transaction a arranging or security a in Dealing– 1 :person the unless ,account own their for person business securities the in engaging as out itself holds .i or; dealing of activity in deal to public the of members solicits regularly .ii .securities of purpose the for arranging or principal as Dealing– 2 acknowledging or creating instrument an of acceptance or guarantee ,credit ,loan a to relating indebtedness has person the that arrangement financial similar other .provided or granted of purpose the for arranging or principal as Dealing– 3 instruments debt ,shares own s’person a of issuance .securities other or a as solely acting person a by made transaction A– 4 .person another for executor or trustee ,nominee advertisements Securities – 2111 any communicate or make not must person A– 1 Lebanon in person a to advertisement securities .institution approved an is person first the unless communicated or made is advertisement securities A– 2 in persons to directed is it if Lebanon in person a to .Lebanon terms the use may institution approved an Only– 3 Financial “,”Institution Intermediation Financial“ any or” Broker “,”Dealer Securities “,”Intermediary .advertisements or promotions ,name its in term similar its promote or communicate not must person A– 4 mislead might that manner a in public the to services institution approved an is it whether about public the out carry to Authority the by licensed is it whether or .activities business securities specific

2022 29 August 1.15 Version 2017 19, January :Publication of Date 9 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 advertisements Exempt – 2112 the from exempt is advertisement securities A– 1 :it if 2111 article of) 1 (article-sub in prohibition approved an ,by approved and ,of behalf on made is .i ,institution ,institution approved an to only made is .ii request unsolicited an of result a as person a to made is .iii ,information for any by on acted be to intended or at directed not is .iv ,Lebanon in person or ,Lebanon of Government the of behalf on or by made is .v .capacity that in acting journalist a by made is .vi

2022 29 August 1.15 Version 2017 19, January :Publication of Date 10 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 :Institutions of Licensing – C Part Process and Requirements
part this of Application – 2201
applying is that institution an to applies Part This– 1 on carry to license a of Authority the by approval for .business securities is that institution the means applicant an ,Part this In– 2 .license a for applying license for Applications – 2202 Regulations the to subject be will license for applicant An– 1 .application its of submission of date the from of type each specify must license for application An– 2 .for approval seeking is applicant the that license the on made be must license for application An– 3 and ,Authority the by prescribed form application required documents and information the include must

1. Annex in
   prescribed fees the pay must license for applicant An– 4 .Authority the by intermediation financial of Establishment – 2203 Institution financial a establish to proposes who person A– 1 by approval for apply must Institution intermediation to license a for applying to addition in ,Authority the .business securities on carry a of establishment of approval for application An– 2 made be must Institution intermediation financial Authority the by prescribed form application the on documents and information the include must and
2. Annex in required
   Institutions intermediation financial of Shares – 2204 intermediation financial Lebanese the of shares The– 1 .nominative be all must institutions required is Authority the by authorization prior A– 2 financial a of capital the in shares the assign to :cases following the in institution intermediation the to ,indirectly or directly ,leads assignment the If .i ten (10% than more of person any by acquisition or ,shares total s’institution the of) percent incumbent the of one is assignee the or assigner the If .ii ,Directors of Board the of members elected or .assigned shares the of number the notwithstanding or inheritance by shares of transfer the ,article this Under ascendants between or spouses between assignment by .assignment an as considered not is descendants and

2022 29 August 1.15 Version 2017 19, January :Publication of Date 11 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 ً License for Requirements – 2205 the that Authority the to demonstrated be must It– 1 : applicant securities of type each on carry to proper and fit Is .i ,sought is approval which from business ,resources and experience ,expertise sufficient Has .ii ,resources technological and financial ,human including with accordance in business securities that on carry to ,Regulations the ensure that procedures and systems established Has .iii its separate to commitment s'institution financial the with accordance in clients its of assets the from assets Conduct Business the of 3505 Article of provisions the
3000.13 Series Regulation
and policies ,systems sufficient established has It .iv ,finance ,governance corporate covering procedures controls and operations ,compliance ,management risk and business its with comply and meet to it enable to business securities of kind the for obligations regulatory ,on carry to proposes it that and employees ,management senior ,directors its And .v securities s’applicant the in involved be will who agents ,skills ,qualifications necessary the have business the on carry to it enable to integrity and experience .on carry to proposes it that business securities of kind established be must applicant an License a for apply To– 2 :as Lebanon in intermediation financial a or institution financial a ,bank A .i the or Authority the with registered duly institution or ,Liban du Banque parent whose entity financial foreign a of branch A .ii is and business securities in engaged is company recognized a in authority competent a by licensed .jurisdiction securities in solely engaged be must applicant An– 3 the by licensed company a of case the in or ,business that by covered business in solely ,Liban du Banque .license .Lebanon in be must office head s’applicant An– 4 the of capital the up paid fully have must applicant An– 5 its to applies that amounts following the of highest 14 :application .LBP million 180 Advising .i .LBP million 720 Dealing .ii Managing ,provider liquidity or maker Market( securities underwriting or distributing for subscriptions .LBP billion 1.8 - .LBP billion 3,6 Managing .iii .LBP million 360 Arranging .iv .LBP Billion 7,2 - Custody .v ,person another of associate an is applicant the If– 6 ,integrity the with satisfied be must Authority the financial sound the with as well as record business .person such any of situation legal and 2021 11, May on issued 72 .No Announcement by added was article-sub This 13 by amended was activity each for required capital minimum The 14 2022 28,July on issued 84 .No Announcement

2022 29 August 1.15 Version 2017 19, January :Publication of Date 12 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Professional Institution Financial of product Insurance– 7 15 (FIPI (Indemnity insurance the to subscribe to choose may applicant The .i Indemnity Professional Institution Financial for product ;risks following the of coverage the includes that) FIPI( billion) 2 (two to amounts coverage insurance the (USD million 1.333 (minimum a as Pounds Lebanese highest the ,capital required the of equivalent the or .adopted then be shall amount ;transaction Incomplete 1- ,Crime 2- error and) omission (Neglect 3- institution financial the ,product insurance mentionedabove the to subscribe not does applicant the If .ii damages the for responsibility full the assume shall policy insurance an of absence the in result may that .above) i (paragraph in mentioned risks the covering five exceeding capital a with institutions Approved the from exempted be shall Pounds Lebanese billion mentioned-above the to subscription of requirement
16. product insurance
are above the of drafting and definition standardized The
6. Annex in detailed
is it ,policy insurance mentioned above to addition In .iii securities conducting institution any for recommended administrative the againt insurance an have to business fees legal the covers that staff and managers of liability officials and managers by incurred damages the and for them against filed lawsuits of consequence a as .acts unlawful ,shareholders the that ensure shall Authority The– 8 executive senior and directors ,holders right economic securities financial in participate will who managers international or local any on figure not do activities .17list sanctions applicant in persons of propriety and Fitness – 2206 institutions approved an or applicant an whether assessing In– 1 the under person proper and fit a is institution :consider will Authority the ,Regulations proposed or current its of propriety and fitness The .i members and directors its including ,persons registered administration executive senior it of any and controllers its of experience and suitability The .ii ,it to links close with persons and conducted be will affairs and business its Whether .iii ,manner prudent and sound a in managed each of approval for requirements the meet to ability Its .iv its meet to ability its and ,for applying is it that license continuing a on obligations regulatory and business ,basis issued 72 .No Announcement by amended was article-sub This 15
2021. 11, May on
issued 61 No Announcement by amended was subarticle This 16 2019 23, August on issued 85 .No Announcement by amended was article-sub This17
2022. 14, June on
:

2022 29 August 1.15 Version 2017 19, January :Publication of Date 13 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 and Money of Code the of 127 Article of provisions The .v 18 ,institutions approved to apply shall Credit considers Authority the that matter other any And .vi .relevant Authority the of powers and Processes – 2207 ,license a for application an assessing In– 1 :may Authority the it that investigation or enquiry ,review any out carry .i ,appropriate considers ,applicant the of premises or office any inspect .ii the of representative any or ,applicant the require .iii answer to Authority the before appear to ,applicant Authority the matter any explain and questions ,application the to relevant considers additional any provide to applicant the require .iv considers Authority the that documents or information and ,relevant substantiate or certify ,verify to applicant the require .v .Authority the to provided information any :if application an consider to refuse may Authority The– 2 ,incomplete is it .i the by prescribed requirements the meet not does it .ii or ,Authority information provide to failed has applicant the .iii specified time the within Authority the by requested .purpose this for ,application an of consideration its completing After– 3 :decisions following the of one make will Authority the ,part in or whole in application the approve .i and conditions any to subject application the approve .ii or ,appropriate considers Authority the that limitations .decision its for reasons with application the refuse .iii for application an approve to decides Authority the If– 4 applicant the notify will it ,part in or whole in license on limitations and conditions any including ,writing in .Authority the by set approval the will it ,application an refuse to decides Authority the If– 5 reasons the including ,writing in applicant the notify .decision its for ، ً ً ، issued 29 No Announcement by added was paragraph The 18 2018 20, February on

2022 29 August 1.15 Version 2017 19, January :Publication of Date 14 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 license in Changes – 2208 Authority the to apply must institution approved An– 1 ,license its to change proposed any of approval for in ,license of categories in change any including .Part this of provisions the with accordance out itself hold or ,on carry not must applicant An– 2 its by covered business securities ,on carrying as obtaining to prior license in change a for application .Authority the from change the for approval to requirement any vary or waive may Authority The– 3 in change a for application an with information file .appropriate considers it as ,license 2207 article in out set powers the has Authority The– 4 .license in change proposed a considering in ,application an of consideration its completing After– 5 :decisions following the of one make will Authority the ,part in or whole in application the approve .i and conditions such to subject application the approve .ii ,appropriate considers Authority the that limitations .decision its for reasons with application the refuse .iii application an approve to decides Authority the If– 6 in applicant the notify will it ,license in change a for on limitations and conditions any including ,writing .Authority the by set approval the will it ,application an refuse to decides Authority the If– 7 reasons the including ,writing in applicant the notify .decision its for activities business securities Ceasing – 2209 to cease to proposes that institution approved An– 1 that business securities of types more or one on carry Authority the notify must on carry to licensed is it to cease to intends it which on date the of writing in for reasons the and business securities that on carry :decision the or ,date that of advance in days 60 least at .i cessation because possible not is notice advance such if .ii ,event external unknown an by caused is business of on carry to cease to decision a making on immediately .business securities providing cease to decides that institution approved An– 2 ensure must clients to services business securities completed properly is business outstanding any that and institution approved another to transferred is or its to notice advance days 30 least at provides it that .business of cessation the of clients business s’client the of transfer a to objects client a If– 3 its terminate may client the ,)2 (article-sub under .institution new the with relationship business any cease to proposes institution approved an If– 4 may Authority the ,it ceased has or business securities or action any take to institution approved the direct for necessary considers Authority the that measures ,clients s’institution approved the of protection the .interest public the or markets securities the . ً ، ً

2022 29 August 1.15 Version 2017 19, January :Publication of Date 15 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 license a cancel to Request – 2210 to Authority the request may institution approved An– 1 written a filing by part in or whole in license its cancel in months three least at Authority the to request .cancellation the of date proposed the of advance full include must license a cancel to request A– 2 cancellation the for reasons the of particulars the of interests the protect to arrangements and .clients s’institution institution approved an require may Authority The– 3 :to license its cancel to request a making that documents or information additional any provide .i or ,necessary considers Authority the provided information any substantiate or certify ,verify .ii .Authority the to may Authority the ,request the considering After– 4 :to decide or ,license the cancel and it accept .i pending cancellation the of date the postpone or delay .ii the maintaining that considers it if ,action further the of interests the protect to necessary is license markets securities the ,clients s’institution approved .interest public the or may Authority the ,)4 (article-sub to According– 5 or action any take to institution approved an direct for necessary considers Authority the that measures ,clients s’institution approved the of protection the .interest public the or markets securities the Authority the by license of Cancellation – 2211 s’institution approved an terminate may Authority The– 1 :institution the to writing in notice providing on license a for business securities any on carry not does it if .i or ,months consecutive 12 of period carry to ceased it that date the after months 6 least at .ii in Authority the notifying after business securities on
2208. article with accordance
former a ,limitation of statutes on law the to Subject– 2 governing its of members the ,institution approved be to continue management senior its and body ten for Authority the of jurisdiction the to subject in license s’institution the of cancellation after years before occurred that omission or act any of respect year ten the during time any at If .cancellation the investigation an commences Authority the period approved former the ,proceedings disciplinary or its and body governing its of members the ,institution the to subject be to continue will management senior .closed is matter the until Authority the of jurisdiction approved an if ,)1 (article-sub of purposes the For– 3 ,company stock joint a as exist to ceases institution senior its and body governing its of members the jurisdiction the to subject be to continue management the of cancellation after years ten for Authority the of .license ،ً

2022 29 August 1.15 Version 2017 19, January :Publication of Date 16 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 License a Maintaining – D Part license of maintenance of Conditions – 2301 institution approved an license its maintain to order In– 1 an of requirements all meet to continue must proper and fit a be to including ,license a for applicant is it that business securities the out carry to person .in engage to licensed the with comply must institution approved An– 2 and limitations ,conditions any with and Regulations .specifies Authority the that requirements other controllers in Changes – 2302 Authority the notify must institution approved An– 1 to intending is person a if form prescribed the in approved the of controller a ,be to cease or ,become :institution effective proposed the of advance in days 30 least at .i or ,change the of date the on immediately ,possible not is notice advance if .ii .intention such of aware becoming institution approved person any permit not must institution approved An– 2 Authority the unless controller a as act or become to .writing in controller the approved has an of controller a become to intends that person A– 3 such of Authority the notify must institution approved proposed the of advance in days 30 least at intention with Authority the provide must and ,date effective its about requests Authority the information any record business ,status regulatory ,integrity ,identity .soundness financial and be must Authority the controller a approving Before– 4 approved the of control s’person the that satisfied supervision effective the impair not will institution and operations its or ,institution approved the of .Regulations and law the with compliance ,article this under submitted notice any considering In– 5
article in out set powers the of all has Authority the
2207. financial a or bank a to apply not does article This– 6
.Liban du Banque the by licensed institution links close in Changes – 2303 Authority the notify must institution approved An– 1 to intending is person a if form prescribed the in the with links close ,have to cease or ,establish :institution approved effective proposed the of advance in days 30 least at .i or ,change the of date the on immediately ,possible not is notice advance if .ii .intention such of aware becoming institution approved

2022 29 August 1.15 Version 2017 19, January :Publication of Date 17 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 any include must) 1 (article-sub in notice The– 2 identity the about requests Authority the information to intends institution approved the that person the of regulatory ,integrity its and ,with links close establish .soundness financial and record business ,status close establish not must institution approved An– 3 has Authority the unless person another with links .writing in links close the approved Authority the ,links close any approving Before– 4 the impair not will links such that satisfied be must ,institution approved the of supervision effective and law the with compliance and operations its or .Regulations ,article this under submitted notice any considering In– 5
article in out set powers the of all has Authority the
2207. financial a or bank a to apply not does article This– 6
.Liban du Banque the by licensed institution requirements Notification – 2304 the with comply must institution approved An– 1 in out set Authority the to requirements notification
3. Annex
the ,)1 (article-sub by required notice a receiving On– 2 :may Authority any provide to institution approved the require .i considers it that documents or information additional or ,matter the assess properly to necessary or restrictions ,limitations ,conditions any impose .ii ,institution approved an on requirements additional it that ,license its on limitations or conditions including .appropriate considers reasonably Fees – 2305 prescribed fees the pay must institution approved An– 1 .license a maintaining for Authority the by

2022 29 August 1.15 Version 2017 19, January :Publication of Date 18 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 ً – Persons Registered of Approval – E Part Process and Requirements Application – 2401 for applying is that person a to applies Part This– 1 .person registered a as Authority the by approval is that person the means applicant an ,Part this In– 2 .approval for applying Functions Registrable – 2402 any appoint to prohibited is institution approved The– 1 any fulfill to Authority the with registered not person :functions following the of the – Manager General or Director Managing ,CEO .i the for responsibility ultimate has who person .business s’institution approved an of management ultimate has who person a – Officer Executive Senior .ii approved an of parts more or one for responsibility .administation or business s’institution director a is who person a – Member Board Executive .iii .institution approved an of body governing the on ultimate has who person the – Officer Finance .iv financial s’institution approved an for responsibility with compliance for and controls and administration .requirements prudential responsible is who person the – Officer Compliance .v approved an to related matters compliance for .business s’institution the – Officer Reporting Laundering Money-Anti .vi implementation the for responsible is who person laundering money-anti s’institution approved an of .procedures and policies is who person the – Officer Management Risk .vii an of implementation and design the for responsible and policies management risk s’institution approved .procedures responsible is who person the - Officer Audit Internal .viii the of effectiveness and adequacy the monitoring for ,institution approved the of controls and systems management risk ,controls internal the evaluating financial the reviewing and ,procedures and policies approved the of records the and statements 19 institution in responsible is who person any – Manager Senior .ix supervision ,management the for part in or whole approved an of parts more or one of control or .administration or business s’institution (account s'client the of charge in (Representative Client .x dealing include functions whose person any– securities s’institution approved an of clients with investment ,representatives sales including ,business finance corporate and managers portfolio ,advisors .Authority the by prescribed as ,professionals the from securities in deals who person any – Trader .xi s’institution approved the from or account s’client by functions registrable of list the in added was function This 19 .account No Annoucement 2018 29, May on issued 35

2022 29 August 1.15 Version 2017 19, January :Publication of Date 19 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 functions registrable of Performance – 2403 registrable a perform may person registered a Only– 1 the unless ,institution approved an for function specific a to consent written prior provides Authority .function specific this performing individual registered a ,below) 3 (article-sub by required as Except– 2 registrable one than more perform may person Authority the if institution approved an for function perform to proper and fit be to person that considers of conflicts no that and functions different these .functions these performing in arise will interest registered one have may institution approved An– 3 ,function registrable one than more performing person person registered designated ,separate a that except of each lead to place in be must Lebanon in residing :functions following the Director Managing or CEO .i ;or Officer Finance .ii legal the include may which (Officer Compliance .iii .(functions officer laundering money-anti and officer Money-Anti and Officer Legal ,Officer Compliance A– 4 any perform not must Officer Reporting Laundering .functions service client
article-sub in listed function any in occurs vacancy a If– 5
Authority the notify must institution approved the ,)3( appropriate an of appointment the of and immediately the for responsibility assume temporarily to person to appointed is person registered a until function .basis permanent a on function the assume registration for Applications – 2404 approved the by submitted is application The– 1 its at and works applicant the which for institution .responsibility own type each specify must registration for application An– 2 seeking is applicant the that function registrable of .for approval the on made be must registration for application An– 3 must and ,Authority the by prescribed form application in required documents and information the includes
4. Annex
registration for Requirements – 2405 satisfied be must institution approved s’applicant The– 1 is who person proper and fit a is applicant the that the by covered functions the perform to competent verify to steps reasonable take must and ,application .application the in information the qualification the passed have must applicant An– 2 5 Annex in Authority the by prescribed examinations exemption an obtained or ,function applicable the for .Authority the from his and registered formerly was applicant an If– 3 if or suspended or cancelled been has registration

2022 29 August 1.15 Version 2017 19, January :Publication of Date 20 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 of period a for working stopped has applicant the pass again must applicant the ,more or years three the by prescribed examinations qualification any .Authority listed examination an passed has who applicant An– 4 March 9 on Liban du Banque by issued 103 circular in any or ,)derivatives financial or/and securities (2006 by prescribed examination qualification equivalent the satisfied have to considered be will ,Authority the .(2) article-sub in requirement individuals – person proper and Fit – 2406 registered a or applicant an whether assessing In– 1 ,Regulation this under person proper and fit a is person :consider will Authority the and competencies ,experience ,skills s’applicant the .i :person the whether including ,integrity professional and skills ,qualifications adequate has_ ,responsibilities assigned the out carry to experience with responsibilities the fulfilling of capable is_ and interests’ clients with accordance in and diligence and ,Regulations the involving offence an of convicted been ever has_ ,laws any violated ever has or ,dishonesty or fraud financial governing requirements or regulations ,investors or clients protecting at aiming or business for requirements the meet to ability s’applicant the .ii ,for applied function each for registration considers Authority the that matter other any and .iii relevant Authority the of powers and Processes – 2407 the ,registration for application an assessing In– 1 :may Authority it that investigation or enquiry ,review any out carry .i ,appropriate considers the of representative any or ,applicant the require .ii Authority the before appear to ,institution approved the matter any explain and questions answer to ,application the to relevant considers Authority to institution approved the or applicant the require .iii that documents or information additional any provide ,appropriate considers Authority the institution approved the or applicant the require and .iv information any substantiate or certify ,verify to .Authority the to provided :if application an consider to refuse may Authority The– 2 ,incomplete is it .i the by prescribed requirements the meet not does it .ii or ,Authority information provide to failed has applicant the .iii .time specified a within Authority the by requested ,application an of consideration its completing After– 3 :decisions following the of one make will Authority the ,part in or whole in application the approve .i ً ،ً ، ً

2022 29 August 1.15 Version 2017 19, January :Publication of Date 21 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 ،ً and conditions such to subject application the approve .ii ,appropriate considers Authority the that limitations additional of receipt pending application the defer .iii or ,information .decision its for reasons with application the refuse .iv application an approve to decides Authority the If– 4 the notify will it ,part in or whole in registration for ,writing in institution approved the and applicant the on limitations and conditions any including .Authority the by set approval will it ,application an refuse to decides authority the If– 5 in institution approved the and applicant the notify .decision its for reasons the including ,writing registration of Cancellation – 2408 his ,cancelled is registration s’person registered a If– 1 person the that ensure must institution approved registrable given the perform to ceases immediately .function registrable a on carry to ceases person registered a If– 2 associated or employed be to ceases or function must institution the ,institution approved an with manner the in days seven within Authority the notify the of receipt Upon .Authority the by prescribed the until suspended be will registration the ,notice :to decides Authority or ,registration the cancel .i to person registered the of transfer the to consent .ii .institution approved another his ,cause for terminated is person registered a If– 3 Authority the notify also must institution approved of days seven within termination for reasons the of .termination of date the the to subject be to continues person registered A– 4 after years ten for Authority the of jurisdiction act any of respect in registration his of cancellation If .cancellation the before occurred that omission or Authority the period year ten this during time any at enforcement or investigation an commences be to continue will person registered the ,proceedings the until Authority the of jurisdiction the to subject .closed is matter

2022 29 August 1.15 Version 2017 19, January :Publication of Date 22 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 . .5 ٲ. الولايات المتحدة الأمريكية: 7 Series FINRA/NASD ب. كندا: المعهد الكندي للأدوات المالية: Securities Canadian 2 & 1 Course Securities s’ESA أو Exemptions – 2409 the taking from exempted are persons following The 5: Annex in Authority the by prescribed exams degree a or/and securities in degree a holding Individuals– 1 according ,Liban du Banque from derivatives financial in
2006. 9, March of 103 number circular basic to
the in experience’ years 15 minimum with Persons– 2 of out 14/12/2017, to up sector Banking and Financial sector the in experience’ years 5 of minimum a which .business securities to related the in experience’ years 15 to 10 with Persons of out 14/12/2017, to up sector banking and financial sector the in experience’ years 5 of minimum a which from exempted be shall ,business securities to related the of length the calculating In (.seminars relatedexams all attend they provided exams required the days continuous 60 exceeding vacations ,experience 20 (excluded be must with 18/09/2009 before appointed Managers Branch– 3 sector financial the in experience of years 7 least at have should experience Such .)business securities( In (18/09/2009. to prior years 9 within gained been vacations ,experience this of length the calculating .(excluded be must days continuous 60 exceeding executive-non and Manager General - Chairman The– 4 certification the from excluded are members board the with comply should they ,however; requirements
5. Annex in stipulated as requirements other
certifications following the passed have who Persons– 5 :exam Securities the from exempted are 7 Series FINRA/NASD :USA .i Institute Securities Canadian :Canada .ii 2 & 1 Course Securities Canadian II part 1 CME :Arabia Saudi of Kingdom .iii .experience work of years 3 least at with 1, Level :CFA .iv s’ESA by covered are UK the in required Exams The :UK .v or ,course Securities other from qualifications equivalent of Holders .vi GCC ,Australia ,Germany ,France as such nations (basis case by case a on determined be to( 20 2019 21, May on issued 56 ُ ع ّدلت هذه المادة بموجب الإعلام رقم 56 الصادر في 21 أيار 2019 No Annoucement by amended was Article This 20

2022 29 August 1.15 Version 2017 19, January :Publication of Date 23 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 certifications following the passed have who Persons– 6 :exam derivatives the from exempted are 7 or 3 Series FINRA/NASD :USA .i Institute Securities Canadian :Canada .ii 2 and 1 Course Securities Canadian II part 1 CME :Arabia Saudi of Kingdom .iii experience work of years 3 least at with 2, Level :CFA .iv s’ESA by covered are UK the in required Exams The :UK .v or ,course Derivatives other from qualifications equivalent of Holders .vi be to (GCC ,Australia ,Germany ,France as such nations .(basis case by case a on determined ٦– يعفى من امتحانات المشتقات المالية Exam Derivatives ٲ. الولايات المتحدة الأمريكية: 7 or 3 Series FINRA/NASD ب. كندا: المعهد الكندي للأدوات المالية: Securities Canadian 2 & 1 Course course Derivatives s’ESA أو

2022 29 August 1.15 Version 2017 19, January :Publication of Date 24 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 20190 this of provisions the of Enforcement – F Part Regulation Regulation this of provisions the of Enforcement – 2501 Authority the by publication its upon force into enters Regulation This– 1 all obtaining of condition the at ,Gazette Official the in exceeding not deadline a within publications required 21 29/2/2020. financial and institutions financial ,Banks– 2 Authority the provide must institutions intermediation the undertaking individuals the of names the with take not did who but them for functions registrable than later no ,Regulation this by prescribed exams the 31/12/2017. to intend which ,Institutions Financial and Banks– 3 given are ,business securities out carry to continue the complete to 31/03/2019 on ending deadline a without ,Authority Markets Capital the at file relevant .license new a getting for need the Banks all ,files mentioned above the complete to order In Authority the provide must ,Institutions Financial and :following the with categories the identifying document signed duly A - / Bank the business securities to related activities of .on carry to intends Institution Financial not or accredited ,auditors external the from report A - which Institution Financial / Bank the of ,accredited compliant fully is latter the of each that states clearly .22regulation this of requirements the all with this of provisions the violating institution Any– 4 administrative the to subject be shall regulation ,regulations and laws observed the in out set sanctions 17, August of 161 Law in forth set those particularly sanctions these) Markets Capital to related (2011 or penal other of enforcement the impede not shall violating the to applicable sanctions administrative .institutions No Announcement by amended was article-sub This 21 on issued 29 2018 20, February No Announcement by amended was article-sub This 22 on issued 48 2018 28, December

2022 29 August 1.15 Version 2017 19, January :Publication of Date 25 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 lb.gov.cma@eosg ANNEXES BUSINESS SECURITIES A FOR APPLICATION – 1 ANNEX INSTITUTION APPROVED AN AS LICENSE Instructions an as Authority the by approval for applicant An– 1 and Licensing the of B Part under institution approved form completed this file must Regulation Registration with documents and information supporting all and :at Authority the of Secretary General the Hamra ,Wardieh ,Street Rome lb.gov.cma@eosg and information the all file must applicant An– 2 application this to exhibits the in listed documents .below prescribed as ,form required are that reports and information ,forms All– 3 and copies hard three in submitted be must filed be to mentioned-above the to or CD a on (copy soft one be must signature a require that Documents .)email .copy soft by as well as form original copy hard in filed senior with interview an require may Authority The– 4 the require may and ,applicant the of executives .documents or information additional file to applicant cannot and returned be will applications Incomplete– 5 .completed until processed be or ,information misleading files that applicant An– 6 filing by Authority the mislead to attempts that be will ,information inaccurate or false ,incomplete .approval denied approved an as approval for application making In– 7 the to subject becomes applicant an ,institution .application of time the of as Regulations

2022 29 August 1.15 Version 2017 19, January :Publication of Date 26 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 AN AS LICENSE BUSINESS SECURITIES A FOR APPLICATION INSTITUTION APPROVED :Applicant of Name :Date DECLARATION S’APPLICANT to institution approved an as licensed be to apply We– 1 .Authority the by business securities on carry .Regulations the understand and read have We– 2 we ,approved is application this if ,that undertake We– 3 the with comply will agents and employees our and and decisions all and Regulations the of provisions .Authority the of directions :that confirm hereby We– 4 application this in included and out set information The .i ,accurate and complete is the of all with compliance in are and meet We .ii license of categories the of approval for requirements ,for applying are we that material are that matters or facts additional no are There .iii that application our of consideration s’Authority the to .Authority the to disclosed not have we :APPLICANT THE OF BEHALF ON EXECUTED [applicant the of Name[
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2022 29 August 1.15 Version 2017 19, January :Publication of Date 27 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 FORM APPLICATION mailing full include must information contact All :Note .numbers telephone and address email ,address applicant of Name– 1 mailing and office head of address and Location– 2 address main the for information contact and title ,Name– 3 .application this for) s(person contact legal for information contact and address ,Name– 4 the advising are who advisors other or counsel .(any if (application this on applicant websites all of Addresses– 5 number registration Company– 6 status Legal– 7 Company Stock Joint (name (Company Stock Joint of Subsidiary
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2022 29 August 1.15 Version 2017 19, January :Publication of Date 28 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 License of Categories– 10 for license a seeks applicants business securities of Types (apply that all check( principal as security a trades or in Deals – Dealing 1- agent as security a trades or in Deals– or sell to order an taking or ,buying ,Selling– security a ,buy approved an of role the Uptaking– collective foreign a for agent distribution 23 scheme investment provider liquidity or maker Market– distributing or for subscriptions Managing– .securities underwriting or securities a for arranging include not does license This services custody client provide to party third out carry to license a obtaining requires which .services arranging out carrying include not also does license This a obtaining require which services custody .license custody person another to advice suitable Providing – Advising 2- or investment his of risks and benefits on securities of type any in dealing a to related right any exercising on Advising– security or public ,offerings securities out Carrying– placements private advising including advice financial Providing– ,securities in dealing ,investments :on and ,mergers ,matters finance corporate .acquisitions from orders taking include not does This to license a obtaining requires which clients .services dealing out carry securities to relating transactions Arranging – Arranging 3- business in transactions to persons Introducing– business securities a in transaction a together put to Acting– security finance corporate arranging includes This– ,deals acquisitions & mergers ,deals private or public ,offerings securities placements custody provide to party third a for Arranging Series of provisions the to subject services 3517 and 3515 articles particular in 3000, .thereof Dealing include not does Arranging :Note .(trades executing(

19, May on issued 65 .No Announcement by amended was Paragraph This 23 23 ّ عدل هذا البند بموجب الإعلام رقم 65 تاريخ 19 أيار 2020 2020

2022 29 August 1.15 Version 2017 19, January :Publication of Date 29 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 of portfolio a or security a Managing – Managing 4- a on person another for securities basis discretionary collective of management includes This– Additional (schemes investment CIS the under apply requirements (.Regulation ,person another for assets Safeguarding – Custody 5- securities including and ,services custody client includes This– actions and benefits ,rights administering security a to relating a for custodian a as acting includes This– Additional (.scheme investment collective CIS the under apply requirements (.Regulation (any if (activities business current of Details– 11 (applicable if (Liban du Banque by license of Details– 12 approved all of offices of address and location Proposed– 13 (offices branch including (operations institution affiliated or subsidiaries all of address and Name– 14 applicant the of entities external for information contact and address ,Name– 15 auditors the for information contact and address ,Name– 16 bank principal s’applicant professional ,exchange securities any in Membership– 17 including ,)SRO (organization regulatory-self or body .status and category membership of details of form other or licensing ,registration of Details– 18 authority regulatory securities any by authorization Lebanon outside authority statutory other or in membership refused been ever applicant the Has– 19 for body professional or SRO ,exchange securities any .(details provide yes If? (applied has it which securities any in membership s’applicant the Has– 20 been ever body professional or SRO ,exchange .(details provide yes If? (terminated or suspended other or licensing ,registration s’applicant the Has– 21 regulatory securities any by authorization of form been ever authority statutory other or authority .(details provide yes If? (terminated or suspended any of subject the currently applicant the Is– 22 If? (litigation or proceeding regulatory ,investigation .(details provide yes 1 EXHIBIT FILED BE TO REQUIRED DOCUMENTS AND INFORMATION APPLICATION THE WITH securities of type any for license a for applicant An and information following the of all file must business :Authority the with documents

2022 29 August 1.15 Version 2017 19, January :Publication of Date 30 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Resolution Directors of Board– 1 equivalent or (directors of board its of resolution A the by prescribed form the in) body governing ,contents its and application the approving Authority the of completeness and accuracy the certifying and .documents and information accompanying Profile Business Securities– 2 all including profile business securities proposed A that business securities on carry to license of types the out set must profile The .covers application the of types the and instruments financial of types under provide to proposes applicant the that services .license of category each Plan Business– 3 business securities the for plan business detailed A :following the including ,application the by covered background and Introduction .i strategy Business .ii ,business securities proposed the of scale and Nature .iii customers of nature and business of sources including it that services and instruments financial of types and clients to provide to intends arrangements financing and structure Capital .iv approach management risk and risks Key .v including ,overview operations and strategy IT .vi ,IT any of outsourcing the for arrangements any the Specify .functions administrative or operational or agents any of details contact and address ,name ,applicant the to services provide will that parties third .provided be to services the of details with and securities’ clients of custody for made Arrangements .vii addresses and names detailing ,money client of handling be to providers party third other any and custodian the of .activities custodian for applicant the by used of settlement and clearing for made Arrangements .viii transactions the of description detailed a – business Securities .ix applicant the that activities business securities license of category each under undertake to proposes for applying is it that the covering period year 3 a for projections Financial .x securities of type each and whole a as institution undertake to proposes it that business applicant the that markets and exchanges Securities .xi in trade to intends depositaries ,houses clearing ,exchanges Securities .xii the that) SROs (organizations regulatory-self and .of member a ,become to intends or ,is applicant Controllers– 4 provide and ,applicant the of controllers all of list A ,(applicable if (ownership ,identity the of details and record business ,status regulatory ,integrity .controller proposed each of position financial

2022 29 August 1.15 Version 2017 19, January :Publication of Date 31 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Links Close– 5 to proposed are or ,have that persons all of list A details with ,applicant the with links close ,have ,integrity ,)applicable if (ownership ,identity the of financial and record business ,status regulatory .person such each of position Statements Financial– 6 the by certified and prepared statements Financial Lebanese with accordance in auditors s’applicant out set must statements The .standards accounting position financial projected and current s’applicant the and revenues ,liabilities ,assets ,capital its including( :at as) expenses the ,entity new a for or ,year fiscal last its of end the .i ,statements financial the of date ,business of commencement the of date proposed the .ii and of commencement of date the after months 12 .iii .business financial projected and current the support to Evidence the that assumptions the of validity the and position .provided be must on based are statements financial Persons Registered– 7 person registered a be to is who person each of list A such each for registration for form application an and .Regulation this with accordance in person Controls and Systems– 8 :follows as documentation controls and Systems procedures and policies controls Financial .i systems and policies management Risk .ii financing terrorism-anti and laundering money-Anti .iii procedures and program manual Compliance .iv program monitoring Compliance .v employees and officers ,directors for conduct of Code .vi Manual Operations– 9 the out setting manual procedures Operations all for employed be to systems and procedures ,operations administrative and business material :including accounts client of administration and Opening .i ,execution the and ,orders of recording and Processing .ii trades of confirmation and settlement clients to Reporting .iii clients to services and advice suitable Providing .iv client and money client of custody and Handling .v and ،assets requirements keeping-record all with Compliance .vi

2022 29 August 1.15 Version 2017 19, January :Publication of Date 32 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 Business of Terms– 10 agreements client in business of terms proposed The ,(Regulation Conduct Business the with accordance in( .clients by signed be to forms proposed the including Fees– 11 and charges ,commissions ,fees proposed of list A .clients by payable expenses other Contracts Material– 12 understandings and arrangements ,agreements of copy A or services material any provide to parties third with :including ,operations trades of settlement and clearing ,Execution .i ;assets client or money client of Custody .ii provided services or products offer to Arrangements .iii party third a with associated or ,by sponsored ,by clients introduce to Arrangements .iv database including ,services technology Information .v audit IT and processing ,systems computer ,services services keeping-Record .vi services Compliance .vii ,services management Risk .viii services audit And .ix Insurance– 13 in policies insurance indemnity professional of Details the by prescribed requirements the with accordance .Regulation Conduct Business the in Authority Documents Incorporation– 14 a for ,laws-by or association of articles the of Copy .company Structure Corporate– 15 corporate the showing chart structure Ownership including ,)any if (of part is applicant the that group has applicant the that person each and controller each .with links close Chart Organization– 16 s’applicant the includes that chart Organization the of units and departments all ,body governing Head the ,management senior and CEO the ,business the out set must chart The .MLRO and Compliance of manager senior and department each of lines reporting .business the in Continuity Business– 17 .plan continuity business s’applicant the of Copy

2022 29 August 1.15 Version 2017 19, January :Publication of Date 33 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 REQUIRED DOCUMENTS AND INFORMATION–2 ANNEX TO APPROVAL FOR APPLICATION THE WITH FILED BE TO INSTITUTION INTERMEDIATION FINANCIAL A ESTABLISH Instructions that documents and information the to addition In 1 Annex in license for application an with filed be must financial a establish to approval for application an ,above following the of all file must institution intermediation .Authority the with documents and information Officers and Founders– 1 ,founders the of identity the certifying document A the for subscriptions in participating persons the ,holders right economic the ,capital s’company senior and management hold to persons the and .company the in positions management executive Register Civil the from extract an include may This( legal a of case the in or ,passport / card identity / Commercial the from certificate registration a ,entity 24 .(Register Statements Personal– 2 paragraph in listed person each by signed statement A ,degrees (vitae curriculum their including 1, financial their on information other and ,experience of evaluation precise a and) background and status official an include ,available legally If .worth net their .months three last the within issued record police Subscriptions– 3 all of participation percentage the listing statement A including ,company the of capital the in subscribers among distribution their and ,shares of categories the resident and ,persons Lebanese-non and Lebanese .persons resident-non and Study Feasibility– 4 establishment the on study feasibility economic An and period year-three a covering ,company the of :detail in showing capital initial ,sources financing s’company The .i requirements resource up-start other and investments including ,account loss and profit annual Projected .ii .revenues .budgets expense annual Projected .iii .flow cash Projected .iv Relationships Business– 5 relationship proposed or existing any listing statement A ,institution financial any and company the between in whether ,entity financial other or dealer-broker .abroad or Lebanon Constitution– 6 of articles s’company the of copies draft or Final laws-by and constitution incorporation ً . ً issued 85 .No Announcement by amended was paragraph This 24 24 عدل هذا البند بموجب الإعلام رقم 85 تاريخ 14 حزيران .2022
2022. 14, June on

2022 29 August 1.15 Version 2017 19, January :Publication of Date 34 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 THE TO REQUIREMENTS NOTIFICATION – 3 ANNEX AUTHORITY the to notice provide must institution approved An
2304. article under changes following the of Authority
by prescribed form the in provided be must notices All .Authority the Office or Name in Changes– 1 at Authority the notify must institution approved An :in change any before days 30 least name business any or name registered its ,name its .i or business securities on carrying in uses it that address the ,different if ,or office head its of address the .ii .documents or notices of service for place the of Business in Changes– 2 Authority the notify must institution approved An :of days 7 within of dissolution or disposal ,acquisition ,formation The .i its and name s’subsidiary the including ,subsidiary a ,business principal submitted originally information the in changes Any .ii :headings following the under on carries it where from Lebanon in offices Branch– ,business securities ,25applicable where ,arrangements Insurance– on carries it where Lebanon outside countries The– business the whether including ,business securities ,otherwise or subsidiary a ,office branch a as operates and settle and clear to arrangements or contracts The– client or money client of custody for or transactions .assets Business in Changes Proposed 3. prior Authority the give must institution approved An as soon as notice ,occurred has event the if or (notice :of) aware becomes it or expansion business ,reorganization proposed a .i impact material a have could that change other ,resources or profile risk ,business securities its on :to limited not but ,including group corporate its within business new a up Setting– branch new a Establishing– securities or financial of type new a offering or Selling– service or product the or business material any of acquisition The– business its of part material any of disposal of parts or assets material any of transfer or sale The– or ,business its or ,activity business securities a undertake to Ceasing– ,activity any of scope the reducing significantly 72 .No Announcement by amended was article-sub This 25 25 ّ عدل هذا البند بموجب الإعلام رقم 72 تاريخ 11 أيار 2021 2021 11, May on issued

2022 29 August 1.15 Version 2017 19, January :Publication of Date 35 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 material a ,changing significantly or ,into Entering .ii business its of any covering arrangement outsourcing ,functions administrative or including ,controls or systems its in failure significant A .iii ,function audit internal or auditor its by reported those in change material a in result could that change Any .iv :including ,position capital or adequacy capital its its in change material a in result would that action Any– requirements resources financial or resources financial repayment the or dividend special a of payment The– credit or loan a or capital share of or recognized whether ,losses significant Any– or ,unrecognized its of member a or controller a by proposed action Any– .group corporate Events and Changes Material– 4 Authority the notify must institution approved An :of immediately its ,to related event or ,in change material Any .i ,soundness financial or operations ,business or up winding the for petition a of presentation the .ii of controller a ,institution approved the of bankruptcy has institution the that person any or institution the ,with links close to resolution a consider to meeting any of notice .iii the of controller a ,institution approved the up wind has institution the that person any or institution ,with links close ,event insolvency any .iv the on sanctions disciplinary of imposition the .v institution the of controller a or institution approved ,authority regulatory any by any of institution approved the of conviction the .vi legislation under offence any or offence criminal ,services financial other or banking to relating lack a involving act any or fraud involving or taxation ,dishonesty or integrity of or ,for application any of refusal or granting the.vii banking ,securities on carry to approval ,of revocation ,country other any in business insurance or or ,for application an of refusal or withdrawal the .viii exchange securities a of membership ,of revocation ,agency clearing or or official an by inspectors of appointment the .ix the of affairs the investigate to authority regulatory ,institution approved ,auditors external its in change a .x approved the by misconduct of act significant a .xi ,persons registered its of any or institution institution approved the against initiated lawsuit any .xii ,clients its of one by

2022 29 August 1.15 Version 2017 19, January :Publication of Date 36 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 requirement the to material be would that matter any .xiii ,controllers its of any ,institution approved the for and fit a remain to ,persons registered its of any or ,Regulations the under person proper considered be reasonably would that matter other any .xiv the of supervision s’Authority the to material be to ,persons registered its of any or institution approved or following the of any of dismissal or resignation the.xv reasons of details full ,dismissal of cases in (persons :(provided be must dismissal for Manager General or Director Managing ,CEO the– Officer Finance– Member Board Executive– executive or officer senior A– Officer Compliance– or ,Officer Management Risk– .officer reporting laundering Money– immediately arises Authority the notify to obligation The reasonable has or ,knows institution approved the when has changes above the of any that ,believing for grounds .occur will or occurred Persons Registered in Changes– 5 Authority the notify must institution approved An information the in change material any of days 7 within for application the on Authority the to provided his including ,person registered a of registration person registered A .background or integrity ,name officer compliance the to notice immediate give must .changes such any of institution approved his of

2022 29 August 1.15 Version 2017 19, January :Publication of Date 37 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 REGISTERED A AS APPROVAL FOR APPLICATION – 4 ANNEX PERSON Instructions a as Authority the by approval for applicant An– 1 Regulation this the of E Part under person registered supporting all and form completed this file must General the with documents and information :at Authority the of Secretary Hamra ,Wardieh ,Street Rome lb.gov.cma@eosg and information the all file must applicant An– 2 application this to exhibit the in listed documents .below prescribed as ,form be may documents and information ,forms All– 3 documents for except ,email by copy soft in submitted both in filed be must which ,signature a require that .forms copy hard original and copy soft the with interview an require may Authority The– 4 file to applicant the require may and ,applicant .documents or information additional not will and returned be will applications Incomplete– 5 .completed until processed be or ,information misleading files who applicant An– 6 filing by Authority the mislead to attempts who be will ,information inaccurate or false ,incomplete .approval denied an ,person registered a as approval for applying By– 7 of as Regulations the to subject becomes applicant .application of time the endorsed and approved duly be must application The– 8 approved The .institution approved s’applicant the by the that itself satisfied have must institution the perform to person proper and fit a is applicant .for approval seeks it that functions registrable lb.gov.cma@eosg

2022 29 August 1.15 Version 2017 19, January :Publication of Date 38 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 PERSON REGISTERED A AS APPROVAL FOR APPLICATION [applicant of Name[
.................................................................................................
.................................................................................................
:Date
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name Full– 1 surname and name s’Mother– 2 address Office– 3 address Email– 4 number telephone Office– 5 birth of Date– 6 no registry and birth of Place– 7 Nationality– 8 residence of Country– 9 applicant with held Position– 10 reference Administrative– 11 position of responsibilities Main– 12 seeks applicant which for functions Registrable–13 person registered a as Authority the of approval person registered a as date start Proposed– 14 Qualifications– 15 Qualifications Academic– Qualifications of Name /University Institute Awarded Year programs professional or courses ,Certifications– Awarded Year Institution of Name Qualifications
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2022 29 August 1.15 Version 2017 19, January :Publication of Date 39 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 as qualifications s’applicant the of particulars Full– registrable each perform to person proper and fit a for applied function the with registrations past or current of Details– services financial other any or Liban du Banque .body or authority Awarded Year Institution of Name Qualifications ,position or employment current other any List–16 you that body or company any of name the including of employee or officer ,director a currently are a ,denied been and ,for applied ever you Have– 17 carry to authorization other or license ,registration or license ,registration such any had or ,business on ?revoked or terminated ,suspended authorization or are you that organization any has or ,you Have– 18 :with associated or by employed been have carry to right the from restricted or refused been ever .i specific a which for profession or business ,trade any on ?required is approval other or registration ,license of officer or director a being from disqualified been ever .ii ?company a any by disciplined or ,penalized ,censured been ever .iii ?body professional or regulator ,authority official or order court a of subject the been ever .iv ?investigation ?debts its/your satisfy to failed ever .v insolvency or bankruptcy of subject the been ever .vi ?proceedings for liable found or ,offence an of convicted been ever.vii other or theft ,fraud ,embezzlement involving ,act any ?dishonesty law services financial any of violation in found been ever.viii of code or standards professional any of or ,regulation or ?conduct complete your includes that CV date-to-up an File– 19 other the and ,application this with history employment

1. Exhibit by required documents and information

2022 29 August 1.15 Version 2017 19, January :Publication of Date 40 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 APPLICANT OF DECLARATION this in contained information the that certify I– 1 of best the to ,accurate and complete is application .belief and knowledge my disciplinary take may Authority the that understand I– 2 or false a made has who person a against action .registration for applying when statement misleading immediately writing in Authority the notify to commit I– 3 change application this in information any should .approved is application this before personal any using Authority the to consent I– 4 and ,application this in provided have I information ,future the in provide may I information personal any .responsibilities its out carrying of purposes for review ,query any making Authority the to consent I– 5 of purposes for background my about investigation or .application this assessing :by Signed
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[applicant the of name Full[
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:Date
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:Title
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:[institution approved the with Position[
.................................................................................................
INSTITUTION APPROVED S’APPLICANT THE OF DECLARATION :that certify I for application this approve to authorized am I– 1 approved of name [of behalf on registration [institution and approved has] institution approved of name [the– 2 ,registration for application this endorses reviewed been has registration for application this– 3 the that ,enquiries reasonable making after ,and complete is application this in contained information .belief and knowledge my of best the to ,accurate and person proper and fit a is applicant the that believe I– 4 functions registrable the perform to registered be to .application this in for applied
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2022 29 August 1.15 Version 2017 19, January :Publication of Date 41 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 :by institution approved the of behalf on Executed
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[officer the of name Full[
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[institution the of Office [:Position
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:declaration this to signatory for information Contact
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1 EXHIBIT
THIS WITH FILED BE TO DOCUMENTS AND INFORMATION APPLICATION employment complete including ,CV s’Applicant– 1 .history with documents registration past or current of Copy– 2 .authority competent another or Liban du Banque .bodies industry accredited by certification of Copy– 3 of completion evidencing certificates of Copy– 4 .Regulation this to 5 Annex by required examinations
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2022 29 August 1.15 Version 2017 19, January :Publication of Date 42 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 PRESCRIBED AND FUNCTIONS REGISTRABLE – 5 ANNEX EXAMINATIONS QUALIFICATION functions following the designated has Authority The Registered 2402. article under registration requiring as .functions such all perform must persons Manager General or Director Managing ,CEO– 1 the for responsibility ultimate has who person the .business s’institution approved an of management Officer Executive Senior– 2 or one for responsibility ultimate has who person a or business s’institution approved an of parts more .administration Director– 3 an of body governing the on director a is who person a .institution approved Officer Finance– 4 an for responsibility ultimate has who person the and administration financial s’institution approved Prudential the with compliance for and controls .Regulation Officer Compliance– 5 matters compliance for responsible is who person the .business s’institution approved an to related Officer Reporting Laundering Money-Anti– 6 implementation the for responsible is who person the laundering money-anti s’institution approved an of .procedures and policies Officer Management Risk– 7 and design the for responsible is who person the risk s’institution approved an of implementation .procedures and policies management Officer Audit Internal– 8 the monitoring for responsible is who person the and systems the of effectiveness and adequacy the evaluating ,institution approved the of controls and policies management risk ,controls internal statements financial the reviewing and ,procedures .institution approved the of records the and Manager Senior– 9 for part in or whole in responsible is who person any or one of control or supervision ,management the or business s’institution approved an of parts more administration s’client the of charge in (Representative Client– 10 (account with dealing include functions whose person any securities regarding institution approved an of clients investment ,representatives sales including ,business finance corporate and managers portfolio ,advisors .Authority the by prescribed as ,professionals Trader– 11 s’client the from securities in deals who person any .account s’institution approved the from or account

2022 29 August 1.15 Version 2017 19, January :Publication of Date 43 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 must applicant an ,registration for qualify to order In .below listed examinations qualification the passed have Qualification Function Examinations 1 Director Managing ,CEO Manager General or exam Securities exam conduct Business 2 :Officer Executive Senior main of heads including divisions or departments exam Securities exam conduct Business exam Derivatives exam Securities Director 3 exam conduct Business exam Securities Officer Finance 4 exam conduct Business Officer Compliance 5 exam conduct Business exam Securities exam Derivatives Laundering Money-Anti 6 Officer Reporting exam conduct Business exam Securities Officer Management Risk 7 exam Securities exam Derivatives exam conduct Business Officer Audit Internal 8 exam Securities exam Derivatives exam conduct Business 9 :Manager Senior of heads including product or lines business areas exam Securities exam Derivatives exam conduct Business 10 representative Client s’client the of charge in( :(account representative Account - or representative Sales - broker manager Investment - funds Investment - manager – manager Portfolio - discretionary – manager Portfolio - discretionary-non advisor Investment - manager Asset - banking Investment - finance corporate or officer/manager or analyst Research - manager product Securities - manager or analyst exam Securities exam Derivatives exam conduct Business Trader 11 exam Securities exam Derivatives conduct Business ٢ 9 10

2022 29 August 1.15 Version 2017 19, January :Publication of Date 44 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 shall functions registrable with charged person The from years two of period maximum a granted be in functions such perform to began he date the the on Authority the of approval the obtain to order qualifications required the fulfilling after ,registration .conditions and considered be shall person this ,period this During following the per as” supervision under Person “a :definition performs who person Any :supervision under Person a of supervision the under functions registrable the obtaining of process the in and person registered .person registered a as Authority the of approval Authority the inform shall Institutions Approved The and appointed is” supervision under Person “a when person supervising the of name the indicate shall .Authority the at registered period year-two mentioned-above the event the In take may Authority the ,registration without expires “supervision under Person “the suspend to decision a the fulfills he until functions his performing from .requirements registration 2022 29, August on issued 86 26 ُ ع ّدل الملحق رقم 5 بموجب الإعلام رقم 86 تاريخ 29 آب 2022 .No Annoucement by amended was 5 Annex 26

2022 29 August 1.15 Version 2017 19, January :Publication of Date 45 تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022 FOLLOWING THE INCLUDES DRAFTING FIPI THE – 6 ANNEX :SECTIONS transactions Incomplete 1: Section following parties third by incurred losses the covers It a as transaction a complete to insured the of failure the :of result because”* property “the of ownership of absence The– 1 loss or theft of “property “a of basis the on insured the of conduct The– 2 or ,fraud or theft ,forgery of result a as change for identity s’individual an with insured the of Deceit– 3 “property “the selling or buying of purposes ,instruments negotiable ,instruments financial certifiednon or certified ,funds the means” property The* “ debt ,acceptance ,deeds title ,certificates deposit security ,processing data electronic ,confirmation of certificates and withdrawal of orders ,agreements deed title and policies insurance ,letter credit ,origin .summary crime The 2: Section of result a as insured the by incurred losses the covers It :insurance the by covered risks/items seven the of any staff s’insurer the of Dishonesty– 1 property of Loss– 2 modification or Forgery– 3 instruments Financial– 4 currency Counterfeited– 5 or ,investigation of costs Official– 6 Cybercrime– 7 omissions and Errors 3: Section against parties third by filed suits for insured the covers It by covered risks/items seven the of any of result a as him :insurance the Omission– 1 copyright of Violation– 2 Transfer– 3 liability Civil– 4 unintended and mismanagement Unintentional– 5 distorsion and duty fiduciary the of violation or ,Deception– 6 calumny and slander ,Defamation– 7

2022 29 August 1.15 Version 2017 19, January :Publication of Date تاريخ النشر: ١٩ كانون الثاني، 2017 إصدار 1٠15 29 آب 2022