To be or when to be

by Thomas Schellen November 2, 2016

written by Thomas Schellen November 2, 2016

Illustration by Ivan Debs

On the face of it, the story of financial markets and their regulator, the Capital Markets Authority (CMA), looks like just another manifestation of Lebanese chaos. Institutions and measures that were prescribed by law in context of the CMA’s creation (in this case, Law 161 of 2011) are overdue in their implementation. Not just in one regard but in the form of three delays: the privatization of the Beirut Stock Exchange (BSE), the creation of a tribunal or court that is specialized in financial matters, along with an independent committee that has the sole authority to mete out sanctions. This compendium of delays is no detraction from the necessity to have an institution that regulates financial markets, however. Also, ranking stakeholders in banking and finance express their satisfaction with the CMA and its regulatory work. Jean Riachi, chairman of FFA Private Bank and chair of the financial markets committee at

Thomas Schellen

Thomas Schellen is Executive's editor-at-large. He has been reporting on Middle Eastern business and economy for over 20 years. Send mail

3 comments

Unhappy reader November 3, 2016 - 8:26 PM

Weird article. Who are these people speaking off the record? We understand they are not happy but they don’t say why and don’t discuss actual issues. Why does Eexecutive allow people to hide their name to attack individuals?

happy reader November 11, 2016 - 9:37 PM

When you live in Lebanon with discretionary powers given to people in power, you have to stay off record. How more obvious can it be? Are you even in the industry? Have you heard about margin rules? Have you heard about the lack of knowledge those people hired by CMA are? Have you heard of ANY advancement made by the CMA?

Unhappy reader November 3, 2016 - 8:35 PM

Weird article. People who spoke on the record seem to be overall confortable with what the CMA is doing even if they voice some concerns. I don’t think any off the record statement should have been printed, especially insults. I couldn’t even understand what they were really complaining about except that 500 families would lose their jobs if they stop robbing people.

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To be or when to be

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