As part of its continuous stakeholder engagements, CMA represented by Vice Chairman Mr. Sami Saliba and Executive Board Member Mr. Firas Safieddine met in November and December 2016 with Banque Pictet et Cie and J.P. Morgan Chase respectively. The meetings which were attended by HSBC Lebanon as a local sub-custodian representative of both banks, focused on the latest market developments in Lebanon vis-a-vis the newly issued implementing regulations by the Capital Markets Authority.
During the meetings, the CMA shared with Banque Pictet et Cie and J.P. Morgan Chase its envisioned road-map designed to enhance and develop the Lebanese capital markets, with a special focus on protecting the investor through best practises in oversight, control and supervision of securities market participants, and an enhanced framework of corporate governance requirements that increases the transparency of financial markets in Lebanon.
The discussion explored the challenges and opportunities specific to the Lebanese market in a context most relevant to the custody business.
As custodians with vested interests in the Lebanese market, both institutions were briefed on market reforms established through the issued implementing regulations especially related to Licensing and Registration, Business Conduct and Market Conduct in addition to the newly issued CMA Decision 24 which sets the requirements for market professionals and approved institutions to perform registrable functions.