|
Establishment
Procedure
/ Release of the Blocked Amounts / Sources
of Funds / Restrictions 3. Restrictions The foreign financial institution¡¯s branch is restricted from the following: A. Receiving deposits for ownership purposes. It may however, receive and manage them on behalf of their owners and at their own risk, on condition that the management of funds be not the main line of activity. B. Opening accounts of financial papers and rights jointly between the financial institution and its customers. C. Merging its customers¡¯ financial papers and rights accounts deposited with the financial institution or with others unless an explicit written approval by these customers is obtained. D. Establishing or managing mutual investment funds or marketing financial instruments issued by these funds unless an explicit and confined approval by the Bank of Lebanon is obtained. E. Carrying out any kind of trade, industry, or any activity other than credit or financial activities. |
