Regulatory Alerts2023-09-12
CREPMF Circular No. 13/2022 on Share and Unit Classes
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) mandates that approved Collective Investment Schemes (CIS) and CIS Management Companies in the UMOA regional financial market permanently comply with this Circular to offer multiple unit or share classes. These classes may feature distinct income distribution regimes, currencies, management fees, subscription and redemption commissions, nominal values, systematic foreign exchange hedging, or targeted distribution networks. Subscription to specific classes may be restricted to defined investor categories based on objective criteria such as minimum subscription amounts, holding periods, or other holder commitments.
WEST AFRICAN MONETARY UNION
crepmf
REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
CIRCULAR NO. 13/CREPMF/2022
ON SHARE AND UNIT CLASSES
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) reminds approved Collective Investment Schemes (CIS) and CIS Management Companies (CMCs) operating in the UMOA regional financial market that, in accordance with current regulations, they must permanently comply with the provisions of this Circular as part of their approval. This Circular specifies the conditions under which a CIS may offer different classes of units or shares.
The unit or share classes of CIS referred to in Articles 38, 74, and 80 of Instruction No. 66/CREPMF/2021 on Collective Investment Schemes and their Management Companies in the UMOA regional financial market may:
- benefit from different income distribution regimes;
- be denominated in different currencies;
- bear different management fees;
- bear different subscription and redemption commissions;
- have a different nominal value;
- be subject to systematic foreign exchange risk hedging, partial or total, as defined in the Prospectus. This hedging is provided through financial contracts that minimize the impact of hedging operations on other CIS unit or share categories;
- be reserved for one or more distribution networks.
Subscription to a unit or share class may be restricted to a specific investor category defined in the Prospectus, based on objective criteria such as a subscription amount, minimum investment duration, or any other holder commitment.
This Circular takes effect upon its publication.
Issued in Abidjan, on 03 JAN 2022
The General Secretary,
Ripert BOSSOUKRE
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org
1 TEL.: (225) 27 20 21 57 42 / 27 20 21 58 20 Fax: (225) 27 20 21 23 04 Email: sg@crepmf.org