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Regulatory Requirements for Financial Institutions in Lebanon

In a bid to establish and license a financial intermediation institution in Lebanon, prospective applicants must adhere to the strict guidelines set forth by the Capital Markets Authority (CMA). The CMA has issued a comprehensive Licensing & Registration Regulation Series 2000, which outlines the requirements for establishing and licensing such institutions.

Checklist for Establishing a Financial Intermediation Institution

To establish a financial intermediation institution in Lebanon, applicants are required to submit the following documents to the CMA:

• Documents certifying the identity of founders, shareholders, and senior management
• Feasibility study outlining the company’s financing sources, initial capital investments, and start-up costs
• Personal statements signed by each person listed as a founder or officer
• Statement listing existing relationships with other financial institutions, broker-dealers, or financial entities in Lebanon or abroad
• Company constitution (final or draft copies of articles of incorporation and by-laws)
• Subscriptions statement outlining the percentage of participation of all subscribers in the company’s capital

Checklist for Licensing a Financial Intermediation Institution

Applicants seeking to carry out securities business in Lebanon must also submit the following documents:

• An application form prescribed by the CMA
• Information and documents required in Annex 1 of the Licensing & Registration Regulation Series 2000
• Payment of fees prescribed by the CMA

The applicant must demonstrate that it is a “fit and proper” person to carry out each type of securities business, with sufficient expertise, experience, and resources. The applicant must also establish sufficient systems, policies, and procedures covering:

• Corporate governance
• Finance
• Risk management
• Compliance
• Operations
• Controls

Required Capital for Licensing

The CMA requires applicants to demonstrate a minimum capital requirement, which varies depending on the type of financial institution being established. The required capital ranges from 150 million LBP for arranging activities to 6 billion LBP for custody activities.

Filing Requirements

Applicants must submit three hard copies of their application and supporting documents to the General Secretariat of the CMA at Rome Street, Hamra. The CMA will review the application and may approve it in whole or part, approve it subject to conditions and limitations, or reject it.

For further information on the regulatory requirements for financial institutions in Lebanon, please contact the CMA at eosg@cma.gov.lb or info@cma.gov.lb.