The Capital Markets Authority of Lebanon (CMA) is the country's securities regulator, and its licence is granted in five separate categories: dealing, advising, arranging, managing and custody. Client money must be segregated with a bank licensed by the Banque du Liban, and a creditor of the firm has no claim on it. There is no investor compensation fund behind the licence: the CMA states it is not the body authorised to compensate a complainant. Two numbers matter before you open an account: a client account must be funded with at least 15,000 US dollars, and the CMA takes a complaint only after you have written to the firm and waited 60 days.
Country
Lebanon
Jurisdiction
Government Reg.
Established in
2011
Forex Regulation
Performance Metrics
Regulator Performance Overview
34
Overall Rating
4
Licensed Brokers
Medium
Transparency Index
Tier 3
Global Tier
IOSCO Member
The regulator
Updated
About CMA
The Capital Markets Authority of Lebanon (CMA) is the country's securities regulator, and its licence is granted in five separate categories: dealing, advising, arranging, managing and custody. Client money must be segregated with a bank licensed by the Banque du Liban, and a creditor of the firm has no claim on it. There is no investor compensation fund behind the licence: the CMA states it is not the body authorised to compensate a complainant. Two numbers matter before you open an account: a client account must be funded with at least 15,000 US dollars, and the CMA takes a complaint only after you have written to the firm and waited 60 days.
Tier 3
Brokers on the recordBrokers on the Wikilix record holding at least one licence or registration from this regulator.
4
Retail leverage capThe highest leverage the regime allows a retail client, as recorded for this regulator.
N/A (no leveraged FX)
The Capital Markets Authority of Lebanon (CMA), written on its own record as Capital Markets Authority Lebanon, is the statutory regulator of securities business in Lebanon, and its competence comes from Capital Markets Law No. 161 dated 17 August 2011. It licenses financial intermediation institutions, approves by name the individuals who hold key functions inside them, and its rules also reach the securities activities of banks and financial institutions operating in the country. Those rules are published as numbered implementing regulation series: Series 2000 covers licensing and registration, Series 3000 covers business conduct together with client money and client assets, Series 4000 covers market conduct, Series 6000 covers offers of securities and Series 8000 covers collective investment schemes. Firms the CMA has licensed appear on its Approved Institutions list, and each firm added to or removed from the list of financial intermediation institutions is published as a dated announcement.
Under CMA rules, client money at a licensed firm is covered by a compensation scheme, and a dispute the firm will not settle can go to complaint form via CMA website.
3 facts on record
Compensation schemeLebanon’s deposit guarantee scheme covers up to 75 million LBP per depositor
Complaints routecomplaint form via CMA website
Maximum leverageN/A (no leveraged FX)
What is protected
Client money and client assets must be segregated from the firm's own money and assets, held in a client account exclusively for clients, and a creditor of the firm has no right, claim or entitlement to them. Client money must sit with a commercial bank licensed by the Banque du Liban unless you have given prior written consent for a bank outside Lebanon, and the firm may not charge you for holding it. There is no compensation scheme behind the licence: Series 3000 states that the CMA is not the entity authorised to compensate a complainant for damage arising from a violation. What the rules do give a client is a signed client agreement, full disclosure of fees and commissions on a dated fee schedule before any service, account statements at the end of every month, order calls recorded and kept for ten years, and a written acknowledgement of risk before dealing in derivatives and contingent liability securities, which does not apply to an execution-only account.
How to verify a licence
Start from the CMA Approved Institutions list at https://www.cma.gov.lb/approved-institutions/ and match the firm by its exact legal name, which for a Lebanese financial intermediation institution normally ends in S.A.L. Then check the activity, not only the name: the five categories (dealing, advising, arranging, managing and custody) are licensed separately, so a firm holding an advising or arranging licence is not licensed to take and execute your orders. Cross check the dated record under Laws and Regulations at https://www.cma.gov.lb/laws-and-regulations/ and under Market Updates at https://www.cma.gov.lb/market-updates/, where the CMA publishes its list of financial intermediaries as numbered decisions and announces every listing and de-listing with a date, so you can see whether a licence a firm quotes is still current. If the person who approached you is an introducing broker rather than the firm itself, ask the licensed firm to confirm that relationship in writing, because an introducing broker is not treated as carrying on securities business in its own right.
Write to the firm first. Article 3321 of the Business Conduct Regulation Series 3000 states that no complaint may be filed at the CMA until the complainant has communicated with the party complained of and can produce proof of that contact, showing that no settlement was reached and no reply arrived within 60 days of that party receiving the communication. The firm itself must answer the substance of your complaint in writing within 60 days, and must file a copy of every material written complaint with the CMA within 5 days of receiving it. The complaint then goes to the CMA Board on the complaint form published on the CMA website at https://www.cma.gov.lb/file-a-complaint-investor/, and it must rest on a precise violation confirmed by written documents, at the risk of being rejected. The CMA examines the complaint for violations of the laws and regulations within its competence and informs the complainant in writing when the review is done. It does not award compensation, and filing with the CMA does not prevent you from taking your own legal action.
Licensing terms
Getting licensed by CMA
A licence from CMA covers 5 instrument types on the record.
Licence types
CMA covers Beirut Stock Exchange participants; does not authorise leveraged OTC CFD dealers.
Business models allowed
Domestic securities & investment funds (no leveraged FX).
Cost to obtain
Minimum share capital of 3 billion LBP for collective investment scheme managers
Coverage
Lebanon (capital markets only; no retail FX)
Not served
Foreign brokers and non-Indonesian clients not permitted
5 instruments regulated
Stocks
Options
Derivatives
Securities
Futures
From the documents
Reviewed
What CMA's own documents say
22 facts read from 12 official documents published by CMA, each quoted and linked to its source.
22 facts
Jurisdiction and scope
A Lebanese securities licence from the Capital Markets Authority covers securities business carried on in Lebanon, which Series 2000 defines as engaging in a securities business activity from a permanent place of business in Lebanon, or with or for a person in Lebanon. The licence is granted in five categories: dealing (including as principal, as agent, market making and managing subscriptions for distributing or underwriting), advising, arranging, managing portfolios and collective investment schemes, and custody. Each is applied for separately, and the regulation states that a dealing licence carries neither custody nor arranging permissions. Licensed financial intermediation institutions in Lebanon may take on operations complementary to their main object, and are prohibited from exchange operations except where those operations are complementary or related to work performed for clients within the limits of their object, from cross-border transport of cash, metal coins, bullion and specie, and from any commercial or industrial activity unrelated to financial intermediation.
Using this regulator
Ask which of the five licence categories the firm holds and confirm that dealing is among them if it will execute your orders. Get the client agreement, the dated fee schedule and the name of the bank holding client money before you fund anything, and expect to open the account with at least 15,000 US dollars. If you are offered an execution-only account, the advice duties and the written risk acknowledgement for derivatives fall away, so the suitability work becomes yours. Give instructions in writing or on a recorded line, since recordings of order calls are kept for ten years and are the record a dispute turns on. If something goes wrong, complain to the firm in writing on a dated channel first: that dated contact starts the 60 day period, and the proof of it is what the CMA asks to see.
Good to know
This dossier covers licensing and required capital, fees, the complaint route, client money rules and the conduct rules that govern dealing with clients.
Key facts
KeyVerifying a licence
Only CMA licensed approved institutions may do securities business
Ask the firm which licence categories it holds and match the name on the CMA Approved Institutions list before you send money. A firm describing its application as pending is not yet permitted to take your business.
The Capital Markets Authority of Lebanon (CMA) requires any person carrying on securities business in Lebanon to be an approved institution licensed by the Authority, and a firm must not carry on that business, or hold itself out as carrying it on, before its licence is approved.
In order to carry on securities business in Lebanon, any person must be an approved institution licensed by the Authority, unless the person is excluded from the requirement to be licensed under this Regulation.
Clause 2102(1) in Licensing and Registration Regulation, Series 2000Read the source
A person must not carry on, or hold itself out as carrying on securities business prior to obtaining approval for a license from the Authority.
Clause 2102(2) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2102
public register
scope of authorisation
licence check
KeyOther useful facts
A client account must hold at least 15,000 US dollars
USD 15,000
This sets the practical entry point for dealing with a Lebanese licensed firm. If an account is offered to you for a few hundred dollars under a CMA licence, ask which entity and which regime the account actually sits under.
Under the Business Conduct Regulation of the Capital Markets Authority of Lebanon (CMA), a client account at an approved institution must contain at least fifteen thousand US dollars, or the equivalent in cash and securities, when it is opened, and that amount must be maintained except for reductions caused by investment losses.
A client account must contain at least fifteen thousand US Dollars or an equivalent amount in cash and/or securities on opening. Such amount shall be maintained as is, except for any reduction due to investment losses.
Clause 3308(4) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3308(4)
retail clients
account opening
minimum balance
KeyWhat is protected
The CMA does not pay compensation for investor losses
A Lebanese licence does not come with a payout fund behind it. Recovering money runs through the firm itself or the courts, so the firm's own financial standing and the written agreement you signed carry the weight here.
The Business Conduct Regulation states that when the Capital Markets Authority of Lebanon (CMA) reviews a complaint its role is limited to checking for violations of the laws and regulations within its competence, and that the CMA is not the entity authorised to compensate a complainant for damage incurred as a result of a violation.
In reviewing the complaint, the role of the Capital Markets Authority is limited to checking for and dealing with violations of the laws and regulations falling within its competences. The Capital Markets Authority is not the entity authorized to compensate the complainant for any damage which may be incurred as a result of the violation.
Clause 3321(4) in Business Conduct Regulation, Series 3000Read the source
However, having filed a complaint at the Capital Markets Authority does not prevent the complainant from taking any legal action that he deems appropriate to protect his rights
Clause 3321(5) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3321
retail clients
compensation
KeyHow to complain
Complain to the firm first and wait 60 days
60 days
Put the dispute to the broker in writing on a dated channel the moment it starts, and keep the proof. That dated letter is what starts the 60 day period and what the CMA asks to see before it opens a file.
The Capital Markets Authority of Lebanon (CMA) accepts a complaint only after the complainant has first contacted the firm and can show proof that no settlement was reached and no reply was received within 60 days of the firm receiving that contact. The firm must in turn answer the substance of a complaint in writing within 60 days.
There shall be no complaint filed at the Capital Markets Authority before the complainant had first communicated with the party against which he is filing the complaint. He has to submit to the Capital Markets Authority a proof that such communication has taken place, and that despite intensive efforts there has been no settlement of the dispute, nor he had received any reply within a period of 60 days from the date the concerned party received the communication.
Clause 3321(2) in Business Conduct Regulation, Series 3000Read the source
each client receives a written response to a complaint within 60 days of receipt that responds to the substance of the complaint
Clause 3321(6)(iii) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3321
retail clients
complaint deadline
KeyJurisdiction and limits
A Lebanon licence covers business done with people in Lebanon
The test turns on the Lebanese end of the relationship, so a firm dealing with clients in Lebanon needs a CMA licence even without a Lebanese office. Check which legal entity your account contract names, because that is the entity the CMA rules follow.
The Capital Markets Authority of Lebanon (CMA) treats a person as carrying on securities business in Lebanon when the activity is carried on from a permanent place of business in Lebanon, or with or for a person in Lebanon, and that is the point at which a CMA licence becomes necessary.
A person carries on securities business in Lebanon if the person engages in a securities business activity: i. from a permanent place of business in Lebanon, or ii. with or for a person in Lebanon.
Clause 2105(1) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2105
scope of authorisation
cross border
KeyClient-money rules
Client money sits apart from the firm and its creditors
This is the protection that stands behind a Lebanese licence in place of a compensation fund. Ask your broker which bank holds the client account and whether that bank is inside Lebanon.
The Capital Markets Authority of Lebanon (CMA) requires an approved institution to segregate its own money and assets from client money and client assets, to hold client money with a commercial bank licensed by the Banque du Liban, and states that a creditor of the institution has no right, claim or entitlement to client money or client assets.
An approved institution must hold client money in a segregated account for client money only with a commercial bank licensed by the Banque du Liban, except if sub article (4) applies.
Clause 3502(1) in Business Conduct Regulation, Series 3000Read the source
A creditor of an approved institution does not have any right, claim or entitlement to client money or client assets.
Clause 3503(4) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, articles 3502 and 3503
client money
segregation
insolvency
More facts, by topic
Every CMA listing and de-listing is published with a dateThe CMA issues its list of financial intermediaries as numbered decisions and announces each firm added to or removed from the list of financial intermediation institutions. Reading those dated announcements alongside the current list is how you tell whether a licence number a broker quotes is still live.1 fact
UsefulPublic register
Licensings and de-listings are published as dated announcements
A firm can be on the list one year and off it the next. Reading the dated announcements alongside the current list is how you tell whether a licence a broker quotes is still live.
The Capital Markets Authority of Lebanon (CMA) publishes its list of financial intermediaries as numbered decisions issued annually, and announces with a date each firm added to or removed from the list of financial intermediation institutions, for example the de-listing of Marshi & Partners S.A.L. on 8 August 2024.
A list of financial intermediaries duly registered issued annually by the CMA
Where in the document: Laws and Regulations, CMA decisions and announcements
public register
licence check
The CMA states it is not the body authorised to compensate a complainantThere is no compensation fund behind a Lebanese licence. What the conduct rules give you instead is a signed client agreement, a dated fee schedule before any service, monthly statements, order calls recorded and kept for ten years, and a written risk acknowledgement for derivatives, which does not apply to an execution-only account.2 facts
UsefulWhat is protected
Derivatives need written risk acknowledgement, except execution only accounts
If you open an execution-only account with a Lebanese firm, the written risk acknowledgement step and the advice duties that go with it fall away. That is the trade-off for placing your own orders.
An approved institution in Lebanon must not deal, advise or manage investments in derivatives securities, contingent liability securities or non-retail investment funds unless the client has acknowledged in writing that he is aware of the nature and extent of the risks. The Capital Markets Authority (CMA) states this does not apply to an execution-only account.
An approved institution must not deal, advise, or manage investments for a client: i. in derivatives securities, contingent liability securities or non-retail investment funds, unless the client has acknowledged in writing that he is aware of the nature and extent of the risks involved in such securities,
Clause 3315(1) in Business Conduct Regulation, Series 3000Read the source
This article does not apply to dealing for an execution-only account, or to a managed account in case the investment mandate authorizes the client to deal in such securities.
Clause 3315(2) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3315
retail clients
derivatives
execution only
UsefulWhat is protected
Order calls are recorded and kept for ten years
If a dispute comes down to what was said on the phone, a recording of it should still exist a decade later. Ask for it in writing early, and keep your monthly statements as the other half of the record.
The Capital Markets Authority of Lebanon (CMA) requires an approved institution to record every telephone call with actual or potential clients relating to securities transactions, to disclose that it records them, and to keep the recordings for ten years after the call. Clients must also receive an account statement at the end of every month, or at least every 3 months where there has been no activity.
Keep the recordings of the phone calls related to securities transactions for a period of ten years after the phone call date.
Clause 3406(1)(iii) in Business Conduct Regulation, Series 3000Read the source
An approved institution must provide each client with an account statement as of the end of every month, except if no activity has taken place in the account a statement must be provided at least every 3 months.
Clause 3521(1) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, articles 3406 and 3521
retail clients
record keeping
statements
CMA rules put client money beyond the reach of the firm's creditorsClient money must be held in a segregated account with a commercial bank licensed by the Banque du Liban, and Series 3000 states that a creditor of the firm has no right, claim or entitlement to it. Holding client money at a bank outside Lebanon requires your prior written consent, and the firm may not charge you for holding it.1 fact
UsefulClient-money rules
Client money held abroad requires your prior written consent
Where your cash actually sits decides which country's insolvency rules would reach it. If you never signed a consent for an account abroad, the money should be at a Lebanese bank licensed by the Banque du Liban.
An approved institution in Lebanon must notify each client of an intention to hold client money with a bank outside Lebanon, including each bank name, address and contact information, and must obtain prior written consent. The Capital Markets Authority (CMA) also bars the firm from charging any fee or commission for holding client money.
An approved institution must notify each client of an intention to hold client money with a bank outside Lebanon (including details of each banks name, address and contact information), and must obtain the clients prior written consent to hold client money in that manner.
Clause 3502(4) in Business Conduct Regulation, Series 3000Read the source
An approved institution must not charge any fees or commissions to a client for holding client money.
Clause 3502(3) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3502
client money
segregation
cross border
The CMA takes a complaint only after the firm has had 60 days to answerSixty days is the gate: you must contact the firm first and show proof that no settlement came and no reply arrived within that period. The complaint then goes to the CMA Board on its published form, resting on a precise violation backed by written documents, and the firm must have filed any material complaint with the CMA within 5 days of receiving it.1 fact
UsefulHow to complain
Complaints need the CMA form and written supporting documents
5 days
Precision decides whether your complaint is examined. Name the rule or clause you say was broken and attach the agreement, statements and correspondence rather than a narrative account.
A complaint to the Capital Markets Authority of Lebanon (CMA) must use the complaint form published on the CMA website and must rest on a precise violation confirmed by written documents, at the risk of being rejected. Approved institutions must file a copy of every material written complaint with the CMA within 5 days of receiving it.
A complaint form attached to this decision and published on the CMA website is used to file complaints. The complaint must be based, at the risk of being rejected, on a precise violation confirmed by written documents supporting the complaint filed at the Capital Markets Authority.
Clause 3321(3) in Business Conduct Regulation, Series 3000Read the source
A copy of all material written complaints must be filed with the Authority within 5 days of receipt by the approved institution, except for complaints about client service issues only.
Clause 3321(8) in Business Conduct Regulation, Series 3000Read the source
The Business Conduct Regulation Series 3000 sets the procedure for filing a complaint at the Capital Markets Authority. This page allows for investors or any affected party to file a complaint to the CMA by following the steps mentioned in Series 3000.
Where in the document: Business Conduct Regulation Series 3000, article 3321
complaint deadline
complaint form
A CMA dealing licence carries neither custody nor arranging permissionsDealing, advising, arranging, managing and custody are five separate licences under Series 2000, and the regulation spells out what each one leaves out: advising does not include taking orders, and arranging does not include executing trades. Licensed firms are also prohibited from exchange operations except where those operations are complementary to work performed for clients.2 facts
KeyScope of authorisation
Five separate licence categories, each granted on its own
5
A firm can be licensed for one activity and not another. If a broker holds only an advising or arranging licence, it is not licensed to take and execute your orders, which is a dealing activity.
Securities business under the Capital Markets Authority of Lebanon (CMA) is divided into five licence categories: dealing, advising, arranging, managing and custody. The regulation states that a dealing licence covers neither custody services nor arranging for a third party to provide them, and that advising does not include taking orders from clients.
This does not include taking orders from clients which requires obtaining a license to carry out dealing services.
Clause 2103(1) in Licensing and Registration Regulation, Series 2000Read the source
Note: Arranging does not include Dealing (executing trades).
Clause 2103(1) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2103(1)
scope of authorisation
licence categories
UsefulScope of authorisation
Exchange operations are allowed only as complementary to client work
If you are weighing a Lebanese firm for currency trading, this clause sets the boundary. Exchange work is permitted only as something complementary to business carried out for clients within the limits of the firm's stated object.
Financial intermediation institutions licensed by the Capital Markets Authority of Lebanon (CMA) may take on operations complementary to their main object, and are prohibited from exchange operations except where those operations are complementary or related to work performed for clients, from cross-border transport of cash, metal coins, bullion and specie, and from any commercial or industrial activity unrelated to financial intermediation.
In order to carry out their activities, financial intermediation institutions have the right to undertake other operations that are complementary to their main objective. They are however prohibited from undertaking: i. Exchange operations, except when such operations are complementary or related to those performed, within the limits of their objects, on behalf of their clients.
Clause 2103(2) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2103(2)
scope of authorisation
forex
prohibited activities
The CMA tests fitness, systems and people for each activity applied forAn applicant has to demonstrate that it is a fit and proper person for every type of securities business it seeks, with the expertise, resources and governance to run it. Senior roles are approved individually: a firm may not appoint an unregistered person as chief executive, senior executive officer, executive board member, finance officer or compliance officer.2 facts
UsefulLicensing requirements
Applicants must show they are fit and proper persons
It tells you what the CMA examined before the firm was licensed: people, systems and money, assessed activity by activity rather than once for the whole firm.
The Capital Markets Authority of Lebanon (CMA) requires an applicant to demonstrate that it is a fit and proper person for each type of securities business it seeks, and that it has established systems, policies and procedures covering corporate governance, finance, risk management, compliance, operations and controls.
An Applicant must demonstrate to the Authority that it is a fit and proper person to carry on each type of securities business that it seeks approval for.
Quoted in Checklist for Establishing and Licensing a Financial Intermediation InstitutionRead the source
it has established sufficient systems, policies and procedures covering corporate governance, finance, risk management, compliance, operations and controls to enable it to meet and comply with its business and regulatory obligations for the kind of securities business that it proposes to carry on.
Quoted in Checklist for Establishing and Licensing a Financial Intermediation InstitutionRead the source
Where in the document: Licensing checklist, application overview
licensing requirements
fit and proper
UsefulLicensing requirements
Key roles must be registered individually with the CMA
The people who run a CMA licensed firm are approved by name, not only the company. If the person handling your account performs one of these functions, they should be registered with the CMA.
An approved institution in Lebanon may not appoint anyone who is not registered with the Capital Markets Authority (CMA) to act as chief executive, managing director or general manager, senior executive officer, executive board member, finance officer or compliance officer.
The approved institution is prohibited to appoint any person not registered with the Authority to fulfill any of the following functions:
Clause 2402(1) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2402
licensing requirements
registered persons
CMA rules take margin minimums from the Banque du LibanThere is no single leverage cap published in the CMA conduct rules. A margin transaction needs a written margin agreement first, the minimum margin rates come from the Banque du Liban and the CMA, and the firm must monitor margin daily against the current value of the securities.1 fact
UsefulLeverage rules
Margin minimums come from the Banque du Liban rules
The Capital Markets Authority conduct rules do not publish a single leverage cap. The floor comes from the Banque du Liban, and your own limit is whatever the written margin agreement says, including the circumstances in which a position may be closed without contacting you.
An approved institution in Lebanon may make a margin transaction only after a written margin agreement is in place, must require the client to provide the minimum rates of margin set out in the requirements of the Banque du Liban and CMA relative to the current value of the securities, and must monitor that margin daily.
An approved institution may make a margin transaction with or for a client if the latter has first entered into a written margin agreement setting out the following terms:
Clause 3317(1) in Business Conduct Regulation, Series 3000Read the source
require the client to provide the minimum rates of margin set out in the requirements of the Banque du Liban and CMA relative to the current value of the securities subject to margin
Clause 3317(2)(ii) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3317
retail clients
leverage cap
margin
A CMA dealing licence requires 6 billion Lebanese pounds of paid up capitalRequired capital runs from 1.5 billion Lebanese pounds for advising to 60 billion for custody, paid up in full in a single cash payment, with a further 30 percent of the category minimum for each branch. Fees are separate and recurring: issuance per institution and per activity, then annual fees per licensed activity, per registered person and per introducing broker.3 facts
UsefulCost to get licensed
Dealing licence needs 6 billion Lebanese pounds in capital
LBP 1,000,000,000
Capital is the plainest measure of how substantial a CMA licensed firm has to be. A custody licence calls for forty times the capital of an advising licence, so the category a firm holds tells you a good deal about its scale.
The licensing checklist of the Capital Markets Authority of Lebanon (CMA) sets required capital by category: 1.5 billion Lebanese pounds for advising, 3 billion for arranging, 6 billion for dealing and 15 billion for the wider dealing permissions, 30 billion for managing and 60 billion for custody. The capital must be paid up in full in a single cash payment.
DEALING 6 Billion LBP / 15 Billion LBP
Quoted in Checklist for Establishing and Licensing a Financial Intermediation InstitutionRead the source
The required total capital, or total allocation, or any subsequent increase must be paid up in full in a single cash payment.
Clause 2103(5) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Required capital for licensing, licensing checklist
licence fee
capital requirement
UsefulCost to get licensed
Each branch needs 30 percent of the category capital
30%
A CMA licensed firm cannot open branches or offices abroad without putting more capital behind each one, so a firm with a wide branch network carries a correspondingly larger capital base.
A financial intermediation institution licensed by the Capital Markets Authority of Lebanon (CMA) must allocate out of Tier 1 capital the category minimum to its headquarters and a further 30 percent of that minimum for each branch. A branch abroad requires three times the amount set for a branch in Lebanon, plus whatever the foreign authority imposes.
An amount of 30% of the capital required for each of the categories specified in the first sub-article of this article allocated to each branch.
Clause 2103(3)(ii) in Licensing and Registration Regulation, Series 2000Read the source
Any Lebanese financial intermediation institution intending to open a branch abroad must allocate to this branch three times the amount required for the opening of branch in Lebanon, in addition to the amount imposed by the concerned foreign authorities.
Clause 2103(4) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2103
capital requirement
branches
UsefulCost to get licensed
Fees are charged per activity, per person and annually
The cost of holding a Lebanese licence is recurring rather than one time, and it scales with the number of activities and registered staff a firm carries. A firm's own client fee schedule is separate, and it must be shown to you before any service is provided.
The Capital Markets Authority of Lebanon (CMA) charges a fee for issuing a licence to an institution and a further fee per licensed activity, then annual fees for maintaining each licensed activity, annual fees for each registered person and annual fees for introducing brokers. The current list was set by Announcement No. 100 of 11 February 2026, which cancelled Announcement No. 97 of 31 January 2024.
Related to the update of the CMA Fees and Commissions and the cancellation of Announcement No. 97 dating 31 January 2024.
The list of Fees published in Announcement No. 100 can be viewed by following this link.
Quoted in CMA Updates list of Fees in Announcement No. 100Read the source
Where in the document: Payment and Fees Calculator, and Announcement No. 100
licence fee
annual fee
fee schedule
Under CMA rules an introducing broker is not carrying on securities businessTwo definitions change what you are dealing with. An introducing broker holds no licence of its own, and the licensed firm must name it to the CMA and disclose its commissions. Professional client status requires at least 5 years of continuous investing experience plus written consent listing the protections you give up, and you may revert to ordinary client status at any time.2 facts
UsefulKey definitions
Introducing brokers are not themselves licensed by the CMA
The person who brought you to a Lebanese broker may hold no licence at all. The duty sits with the licensed firm, so ask it to confirm the introducer in writing and to show what the introducer is paid on your trades.
The Capital Markets Authority of Lebanon (CMA) does not treat an individual or company acting as an introducing broker as carrying on securities business. The approved institution must instead inform the CMA of the names of all its introducing brokers and disclose to clients all commissions those brokers receive.
An individual or company acting as a broker (Introducing Brokerage) to introduce investors to the approved institution shall not be considered as carrying out securities business. However, the approved institution shall do the following: i. Inform the Capital Markets Authority about the names of all companies and individuals acting as introducing brokers in favor of the institution; ii. Clearly and fully disclose to clients all commissions received by such brokers from such transactions.
Clause 2104(2) in Licensing and Registration Regulation, Series 2000Read the source
Where in the document: Licensing and Registration Regulation Series 2000, article 2104(2)
scope of authorisation
introducing broker
UsefulKey definitions
Professional client status requires five years of investing experience
Professional classification removes protections written for ordinary clients. The consent form has to spell out which rules you lose, and it must state that you can choose to be treated as an ordinary client then or at any time afterwards.
Before an approved institution in Lebanon may classify an individual as a professional client, the Capital Markets Authority (CMA) requires it to satisfy itself that the person holds the minimum level of net investible assets and has a minimum of 5 years of continuous experience investing in securities markets, and to obtain written consent on a form listing the rules that will no longer apply.
carry out and document such due enquiries as are necessary to satisfy itself that the client has the minimum level of net investible assets required by this Regulation, and that the client has a minimum of 5 years of continuous experience investing in securities markets and investments,
Clause 3305(2)(i) in Business Conduct Regulation, Series 3000Read the source
The consent form must list the regulations that apply to a client but not to a professional client, and state that the individual has the option to choose to be classified as a client at that time or at any time in the future.
Clause 3305(2)(iii) in Business Conduct Regulation, Series 3000Read the source
Where in the document: Business Conduct Regulation Series 3000, article 3305(2)
retail clients
client classification
A client account under CMA rules opens at 15,000 US dollarsFifteen thousand US dollars, or the equivalent in cash and securities, is the minimum a client account must contain on opening, and it must be maintained apart from reductions caused by investment losses. The CMA takes its competence from Capital Markets Law No. 161 of 17 August 2011, with licensing in Series 2000 and client dealing in Series 3000.1 fact
ContextOther useful facts
CMA powers come from Capital Markets Law 161
Knowing which series governs what saves time. Licensing questions sit in Series 2000, and everything about how a firm must treat you sits in Series 3000.
The Capital Markets Authority of Lebanon (CMA) takes its competence from Capital Markets Law No. 161 dated 17 August 2011, and the CMA Board receives complaints on all matters falling within that competence. Its rules are issued as numbered implementing regulation series, with Series 2000 on licensing and registration and Series 3000 on business conduct, client money and client assets.
The CMA Board shall receive complaints about all matters falling within its competence according to the Law No. 161 dated 17/8/2011 on the capital markets.
Clause 3321(1) in Business Conduct Regulation, Series 3000Read the source
This regulation aims to establish the rules and code of conduct that an approved institution must comply with in carrying out securities business and dealing with clients. It also defines the policies and procedures, systems and controls that an approved institution must establish and implement. The regulation also sets out the rules on how to handle client money and client assets.
The details on this page about Capital Markets Authority Lebanon were compiled from the regulator’s own official documents, its website and other public sources, and are presented as neutral, factual guidance.
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