INVESTORS & CORPORATES
“I am pleased to welcome you to the 14th World Exchange Congress hosted by the Capital Markets Authority in Lebanon (CMA). This economic Congress taking place in Beirut reflects the international faith in Lebanese markets and the role they play in the region.”
Mr. Salameh said: “As the conference launches in Beirut, the CMA has set the required framework and conducted the serious work focused on evolving the financial markets and strengthening the investor’s protection. Based on these well-established principles set by the CMA, in cooperation with the World Bank, the Implementing Regulations focused on Market Conduct, Business Conduct, Licensing and Registration, Listing Rules, Offers of Securities, and Collective Investment Schemes, which are in accordance with International best practices and standards, and global trends in this field allowing Lebanon a foothold on the financial globalization map.
Salameh added: “Within the framework of international cooperation as well, the CMA has completed its efforts to strengthen relations with the regional and international regulatory bodies. Lebanon joined the International Organization of Securities Commissions (IOSCO) as an associate member. The CMA also signed several MOUs with local, regional and international bodies (French, Russian, German, Cypriot, Emirati, Omani, Tunisian, Egyptian, and Qatari). They are aimed at identifying coordination & technical assistance when needed, and to help the exchange of information, which boosts the trust in the Lebanese markets so that they become more appealing to Lebanese and foreign investors. It also enhances the status of Lebanon as an important financial center in the region.”
In his remarks on Lebanon, Salameh added: “In accordance to the law, we are waiting for the Lebanese government to privatize the Beirut Stock Exchange. The most important elements for the development of capital markets are the presence of active stock exchanges, in which the supply and demand of financial instruments are transparent and continuous, with clear rules and regulations designed to reduce the risk of price manipulation.”
The Chairman continued: “In similar context, the CMA is continuing its efforts to follow upon soliciting bids on the creation of an Electronic Trading Platform to allow SMEs in particular to find medium and long-term financing sources to develop their activities, which inevitably reflects an increase in capitalization and helps to list companies and transfer them from private ownership to public ownership.”
Salameh considered that “this platform presents a legal and transparent way for trade among institutions, local or foreign, including the participation of Financial Institutions, Financial Intermediary Institutions, Banks, and family businesses specializing in management of private wealth. Considering that it is electronic, this platform aims to attract investments from Lebanese abroad, which results in an increase in liquidity in local markets and an influx of capital allocated for investment and developing institutions. On the other hand, it will also help decrease private listed debt of private institutions.
He added: “In light of what the region is facing, particularly in Lebanon, major economic and monetary challenges have been addressed whereby, I can only stress the readiness of the CMA to translate the initiatives into tangible results and to support the financial sector and the knowledge sector, which form the most important foundation on which the Lebanese economy is based. It will create growth and create new jobs for the Lebanese youth.”