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


Establishing confidence in the Lebanese capital markets by enhancing their integrity and maintaining their attractiveness to investors by developing the local markets to better serve the national economy


The CMA ensures the protection of savings invested in Financial Instruments, encourages the capital markets in Lebanon, and coordinates between the various concerned sectors. For this purpose, the CMA shall perform all functions and activities entrusted to it, including but not limited to:

• Reducing systemic risk in capital markets

• Protecting the investor by providing a fair and transparent investment environment

• Facilitating access to the information necessary for investors by organizing and defining the framework, and setting the professional action


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 Chairperson 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 Department

    Director: Lina Joumaa

  • Security Department

    Director: Hussein Tleis

  • Finance Department

    Director: Rita Hourani

  • Procurement & General Services Department

    Director: Saeed Al Orm


The Sanctions Committee is expected to be formed in the near future so that the CMA can take necessary measures against anyone who violates the laws and regulations that govern the functioning of CMA. The Sanctions Committee shall examine violations transmitted by the Board, and take the necessary decisions. 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 arising from Operations on Financial Instruments, the objection to the individual decisions taken by the CMA Board and the requests for recusal or removal of the Chairman or members of the Board of the CMA or of the Chairman or members of the Sanctions Committee. The Capital Markets Court acts as Court of Appeal, examining all the decisions taken by the Sanctions Committee as well as a 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.