The Capital Markets Authority (CMA) is an independent, autonomous regulatory body established by the Capital Markets Law No. 161, ratified on 17 August 2011. The CMA’s main responsibility is regulating, supervising, licensing and monitoring the activities of the Lebanese Capital Markets as per the powers stipulated by the Capital Markets Law 161/2011.
The CMA has two main objectives that underline its strategic mission and vision: (I) promoting and developing the Lebanese Capital Markets; and (II) protecting investors from fraudulent activities, through issuing regulations that are in line with international best practices, and proper control and audit of all institutions that deal with fin


Our vision is to develop the capital markets by ensuring that our markets are transparent, and investors are protected from illegal, irregular and unfair practices in capital markets, thus increasing confidence and contributing to national economy growth.


The CMA aims to regulate and monitor the financial markets in order to ensure its development in light of evolving market requirements, and up to best local and international standards.

The key objective of the CMA is to reduce Systemic Risk in capital markets. This is conducted through a rigorous regulatory framework and supervisory methodology. To ensure adequate development of the market, the CMA remains in constant communication with all stakeholders.

On the investor level, the CMA aims to raise investment awareness among the Lebanese public and familiarize them with the


The management of the Capital Markets Authority is entrusted to a Board formed of seven members and chaired by the Governor of Banque du Liban, the Central Bank of Lebanon. The Board is formed of three full-time executive board members who are experts in Capital Markets, Banking and Financial affairs, and three part-time members representing ministries and other authorities directly involved in the work of the CMA: The Director General of the Ministry of Finance, the Director General of the Ministry of Economy and Trade and the Chairman of the Banking Control Commission.




Executive Board Members
Board Members



The Secretariat role is to ensure that the decisions taken by the Board are executed. It also suggest to the CMA Board investigations and inspections regarding the violations of Law 161 or any of the CMA regulations. By law, the General Secretariat should ensure that all market complaints are transmitted to the CMA Board; it is also required to communicate to the Board the decisions taken by the Sanction Committee (when established), and notify these decisions to the concerned parties. The General Secretariat is mandated to submit the CMA Reports to the Board and ensure that the Board regulatory decisions and general directives or instructions are published in an official manner. The Secretariat shall also suggest to the Board the establishment or amendment of the provisions and regulations relating to capital markets.

Nadine AbdelNour,
Secretary General


The Financial Control Unit (FCU) monitors the compliance of capital markets participants to the rules and procedures put forward by the CMA, and ensures that publicly listed companies and financial institutions that deal in securities activities are abiding by the set regulations, instructions, and trading rules and conditions stipulated under the capital markets law are applied. In order to ensure compliance with CMA regulations, the Financial Control Unit conducts continuous investigations and audit missions to the market.

Khalil Ghalayini,
Head of Financial Control Unit


  • Legal Affairs Department

    Director: Caline Aoun Maaraoui

  • Communications and Research Department

    Director: Tarek Zebian

  • Information Technology Department

    Director: Alaa Sukarieh

  • Human Resources, Administration and Finance Department

    Director: Wajeb Kanso

  • Security and Services Department

    Director: Hussein Tleis


The Sanctions Committee shall examine violations transmitted by the Board, and take the necessary decisions as mandated by Law 161/2011. It shall have the authority to impose administrative sanctions and monetary penalties on all parties, entities and natural persons who deal with financial instruments and services.


The Capital Markets Court shall examine the conflicts between natural persons and/or legal entities arising from Operations on Financial Instruments, or from any of the acts/operations mentioned in Law 161/2011. It shall also act as Court of Appeal to all the decisions taken by the Sanctions Committee, and as Court of first instance regarding all offences related to insider trading or the disclosure of false or misleading information about securities or Financial Instruments or their Issuers.