Regulatory Alerts2023-09-12
Circular No. 01-2018 on the Procedures for the Split or Transformation of Common Investment Funds into Variable Capital Investment Companies on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issues this circular to establish the procedural framework for Common Investment Funds (FCPs) that exceed regulatory asset thresholds. It mandates that affected FCPs must either split into multiple funds or transform into Variable Capital Investment Companies (SICAVs) based on decisions by the management company's board. The document defines transformation as a complete asset and liability transfer to a newly created SICAV, while defining split as dividing an FCP into two or more funds with identical characteristics subject to prior regulatory approval.
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