Primary Exchange: Libyan Stock Market (LSM)

Website: www.lsm.gov.ly

Regulator: Regulated by the Market Surveillance & Enforcement – is this correct?

• Yes, this is correct.

Trading Days:             When is the market open?

• The market opens from Sunday to Thursday.

Trading Hours (local): Main trading hours:  open – close

• Main trading hours:  10 - 12 am

Trading System:         Is it an Electronic order driven system?

• Yes, the market has an electronic order driven system.

Trading Currency:     Libyan Dinar  (LYD)

Settlement: what is the settlement cycle? – via  the central Depository an d registry

·       The settlement cycle is (T+3).

2008 public Holiday

·       The holdays of the market are Friday and suturday.

Market Dynamics:

Limits Up/Down:  Are there circuit breakers in your market ?

• Yes, there are.

Tick Size: Does the price of the share dictate the price increment ?

• Yes, the price of the share dictates the price increment.

Board Lot:   Are there board lots or minimum amount of shares to trade ?

• No, there aren't.

Off-market crosses:   Can you trade away from the market?

• At the present time, you can't trade away from the market.

Market Regulation:

Foreign Ownership:    

 Restrictions:   Are there restrictions to foreigners owning shares ?

• No, there aren't any restrictions to foreigners owning shares.

Disclosure Limit: Are there ownership limits that need to be declared to the Stock Exchange or regulator ?

• The ownership limits that need to be declared are no more 10%.

Currency Restrictions: Are there currency restrictions , to repatriate funds ?

• No, there are guarantee fund.

Securities Lending: Can stock be borrowed ?

• No, I can't.

Short Selling:  Can you sell the stock short ?

• No, I can't.

Failed Trades:  Is there a procedure if the settlement fails ?

• Yes, there are .

Tax:

Capital Gains Tax: Are there capital gains for shares sold ?

• No, there isn't.

Withholding Tax:   Is there tax on dividends ?

• No, there isn't.

Stamp Duty:           Is there stamp to be paid on buys or sells ?

• Yes, there is.