Beirut stock exchange offices. (The Daily Star/Mohammad Azakir)
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Finance Minister Ali Hassan Khalil on Wednesday sent a letter to the Cabinet requesting that Beirut Stock Exchange be turned into a holding company to pave the way for an open capital market.The letter was in line of the capital market law which was passed by the Parliament four years ago. On Aug. 17, 2011, Capital Markets Law 161 called for the establishment of the Lebanese Capital Markets Authority that has two main aims delineating its mission: promoting and developing the Lebanese capital markets; and protecting investors from fraudulent activities through issuing regulations that are in line with international best financial markets practices. According to this law, the CMA should, among other things, organize and develop capital markets in Lebanon; promote their use by investors and issuers in Lebanon and abroad; reduce systemic risks in capital markets; protect investors from illegal, irregular or unfair practices; organize the availability of information to those distributing financial instruments to the public; and organize and supervise the professional activities of the people who perform operations on financial instruments.
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