S/RES/2040 (2012) Stressing that national ownership and national responsibility are key to establishing sustainable peace and that it is the primary responsibility of national authorities to identify their priorities and strategies for post-conflict peacebuilding, Stressing the need for the United Nations to work actively with the Libyan authorities to identify and support delivery of the priorities and strategies for postconflict peacebuilding, Reaffirming that the United Nations should lead the coordination of the efforts of the international community in supporting the Libyan-led transition and rebuilding process aimed at establishing a democratic, independent and united Libya, and appreciating the assistance of the United Nations Support Mission in Libya in convening recent workshops with the Libyan government to identify national needs and priorities, Noting the centrality of credible elections to a peaceful transition in Libya, encouraging the taking of all necessary steps in this regard, and welcoming the adoption of a Libyan national electoral law on 28 January 2012 and the establishment of an Electoral Commission on 12 February 2012, Supporting Libya’s intention to strengthen regional security and taking note of their proposal to host a regional security conference, Commending the Libyan authorities for engaging with the International Monetary Fund and World Bank on conducting an assessment of Libya’s public financial management framework, and reiterating its request that the Committee established pursuant to resolution 1970 (2011) be informed of the results of that assessment, Taking note of the Report of the Secretary-General on the United Nations Support Mission in Libya (S/2012/129), including the recommendation for the modification and 12 month extension of the UNSMIL mandate, and recalling the letter of 6 March 2012 from Mr. Abdurraheem Al-Kib, Prime Minister of Libya, to the Secretary-General (S/2012/139), Taking note of the final report of the Panel of Experts submitted pursuant to paragraph 24 (d) of resolution 1973 (2011) and the findings and recommendations contained therein, Taking note of its briefing by the High Commissioner for Human Rights on 25 January 2012 and the report of the International Commission of Inquiry on Libya to the Human Rights Council of 2 March 2012 (A/HRC/19/68), Mindful of its primary responsibility for the maintenance of international peace and security under the Charter of the United Nations, Acting under Chapter VII of the Charter of the United Nations, 1. Welcomes the recent positive developments in Libya which will improve the prospects for a democratic, peaceful and prosperous future for its people; 2. Looks forward to free, fair and credible elections in June 2012 to establish a Constituent Assembly, and reiterates the need for the transitional period to be underpinned by a commitment to democracy, good governance, rule of law, national reconciliation and respect for human rights and fundamental freedoms of all people in Libya; 2 12-26030