The Lebanese Central Bank issued on September 4, 2026 intermediate circular no.771 under intermediate decision no. 13842 to banks and financial institutions amending Article 8 bis of Basic Decision No. 6116 regarding investments in venture capital funds and start-ups. The circular caps management fees at 2% of BDL-approved shareholder loans and capital injections during a maximum five-year investment period, and 2% of deployed capital in start-up companies after deducting impairments and liquidations, holding fund managers and auditors responsible for timely impairment recognition. Furthermore, the circular stipulated that banks must submit detailed quarterly reports to BDL within 15 days following each quarter (and within 40 days from the date of this circular for the initial report) providing information on the pool of investments, fund managers, the financial performance of portfolio companies, fees charged by the fund manager, and exit strategies. The circular also calls for BDL’s prior approval for critical actions such as capital increases at the level of the fund labeled under BDL circular 331, fund life extension, corporate restructuring, portfolio of companies’ relocation outside Lebanon, and management fee changes. Finally, the circular highlighted that banks must apply strict internal measures pertaining to the management of their participation in venture capital companies under the supervision of senior management or board oversight.