Lebanon Fund License_Guideline
Lebanon Fund License_Guideline
A collective investment scheme must only be established, offered and operated in Lebanon in accordance with Law 161 of Collective Investment Schemes in Securities and Other Financial Instruments
Categories of Collective Investment Schemes
|Approved Scheme||A collective investment scheme created under Law 706 that meets the requirements for publicly offered collective investment scheme in Lebanon and is approved by the Capital Markets Authority|
|Recognized Scheme||A collective investment scheme created in a foreign jurisdiction that offers equivalent protection to Law 706 that is approved (or equivalent) under that law as eligible for public subscription and is recognized as eligible for public offer in Lebanon by the Capital Markets Authority|
|Exempt Offer Scheme||Exempt offer scheme – a collective scheme created under Lebanese law that has registered its exempt offer with the Authority, that is only offered to professional clients in Lebanon and specifies a minimum subscription of $US 100,000 into the scheme
Foreign exempt offer scheme – a collective investment scheme created in a foreign jurisdiction that has registered its exempt offer with the Authority that is only offered to professional clients in Lebanon and that specifies a minimum subscription of $US 100,000 into the scheme
|Entity Requirements||The entity making the application is:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|CIS Manager||An approved institution to manage collective investment schemes created under Lebanese law including a CIS manager that is an Islamic institution.|
|CIS Operator||Where a collective investment scheme is formed under a foreign law, the entity responsible for the operation of the scheme that includes the Board of Directors of a scheme that is a corporate scheme.|
|Custodian||An approved institution for the provision of custody acting in this capacity to a collective investment scheme formed under Lebanese law.|
|Local Office||The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission|
|Insurance||The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration.
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on its business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
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The Valsen Advantage
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
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- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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