Regulatory Alerts2023-09-12
Circular No. 001-2016 on Procedures for Referring Matters to the Regional Council by Central Structures on the UMOA Regional Financial Market
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) issues Circular No. 001-2016 to standardize the procedures by which central structures refer matters to the Regional Council on the UMOA Regional Financial Market. The directive mandates that all referrals for opinion or approval must follow a favorable Board of Directors vote and explicitly covers authorization applications, general rule approvals, fee schedules, new market openings, and new financial product trading at the Regional Stock Exchange for Securities. By defining these precise submission pathways, the circular ensures that critical decisions by central structures remain valid under UMOA financial market regulations.
WEST AFRICAN MONETARY UNION REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
CIRCULAR No. 01-2016 ON THE PROCEDURES FOR REFERRING MATTERS TO THE REGIONAL COUNCIL BY CENTRAL STRUCTURES ON THE UMOA REGIONAL FINANCIAL MARKET
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) wishes to inform approved central structures on the Financial Market that, in application of current regulations, particularly Articles 20 to 22 of the annex to the Convention on the composition, organization, functioning and powers of the Regional Council for Public Savings and Financial Markets, and the provisions of the General Regulation on the organization, functioning and supervision of the UMOA Regional Financial Market, the referral to the Regional Council is carried out according to the following procedures:
- The Regional Council receives referrals for opinion or approval from central structures only after a favorable opinion has been issued by their Board of Directors.
- The Regional Council receives referrals from central structures, particularly in the following cases: • Application for authorization; • Approval of their general rules prior to implementation; • Conformity opinion prior to amendment of their general rules; • Approval of their fee schedules prior to implementation; • Approval of any project for the establishment of new financial markets; • Approval of any project for the trading of new financial products at the Regional Stock Exchange for Securities; • Whenever its opinion or approval is required for the validity of a decision to be taken by the central structures of the UMOA Regional Financial Market.
This Circular shall be published wherever necessary. Done in Abidjan, on November 23, 2016
The General Secretary Mory SOUMAHOI Avenue Joseph ANOMA 01 B. P.: 1878 Abidjan 01/Côte d’Ivoire presidence@crepmf.org TEL.: (225) 20215742/20215179 Fax: 20221657 www.crepmf.org