The Memorandum of Understanding between the Capital Markets Authority of Lebanon and the Central Bank of the Russian Federation (the Bank of Russia) was signed on 24 of January 2017 in Moscow.
The signing of this Memorandum marks a new level of cooperation between the capital market authorities of both countries. The Memorandum makes provisions for cooperation and information exchange in respect of all entities regulated by the Bank of Russia and the Capital Markets Authority of Lebanon.
The key areas of cooperation envisaged in the Memorandum are the following: assistance in detection and combating unlawful use of insider information and market manipulation, supervision and monitoring of compliance with applicable legislation in the financial sector, insuring transparency of financial market participants activities, as well as other issues within the competence of the Bank of Russia and the Capital Markets Authority of Lebanon and agreed by them.
Additionally the Memorandum provides framework for information exchange regarding consolidated supervision of financial groups conducted by the capital market authorities of both countries and regular exchange of information on policy developments in the supervisory regimes of the Russian Federation and Lebanon in capital markets regulation as well as on the risks arising in these markets.
Considering that the Capital Markets Authority of Lebanon is not a signatory to the earlier joined by the Bank of Russia Multilateral Memorandum of Understanding of the International Organization of Securities Commissions (IOSCO MMoU), provisions of the Memorandum provide an opportunity to information exchange on entities and unlimited range of financial market regulatory and supervisory issues.