  Applying the effective Lagrangian method, we study the Flavor Changing
Neutral Current $b\to s\gamma$ within the minimal supersymmetric extension of
the standard model where baryon and lepton numbers are local gauge symmetries.
Constraints on the parameters are investigated numerically with the
experimental data on branching ratio of $\bar{B}\to X_s\gamma$. Additionally,
we present the corrections to direct CP-violation in $\bar{B}\rightarrow
X_s\gamma$ and time-dependent CP-asymmetry in $B\rightarrow K^*\gamma$. With
appropriate assumptions on parameters, we find the direct CP-violation $A_{CP}$
is very small, while one-loop contributions to $S_{K^*\gamma}$ can be
significant.
