Regulatory Alerts2023-09-12
Circular No. 09/CREPMF/2022 on Information to be Provided to the Regional Council
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) has issued Circular No. 09/CREPMF/2022 to mandate authorized Collective Investment Schemes and their Management Companies in the UMOA region to submit detailed semi-annual and annual reports on traded markets, instruments, risk exposures, portfolio concentrations, liquidity profiles, and investor structures. The Circular further standardizes the reporting framework for complaint handling by specifying required timelines, acknowledgment procedures, and compensation details. Effective upon publication in Abidjan on January 3, 2022, these reporting obligations align with existing UMOA financial market regulations and Instruction No. 66/CREPMF/2021.
WEST AFRICAN MONETARY UNION crepmf
REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
| CIRCULAR NO. 09/CREPMF/2022 |
|---|
| ON INFORMATION TO BE PROVIDED TO THE REGIONAL COUNCIL |
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) reminds authorized Collective Investment Schemes (CIS) and CIS Management Companies (CMCs) on the UMOA regional financial market that, in accordance with current regulations, they must comply with the provisions of this Circular, which specifies the various reports that CIS Management Companies and Investment Companies must submit to the Regional Council regarding the main markets and instruments on which they trade on behalf of the CIS they manage. It also specifies information regarding received complaints, their processing including the processing time limit, and any relevant details.
For the purposes of this Circular, the term Instruction refers to Instruction No. 66/CREPMF/2021 on Collective Investment Schemes and their Management Companies on the UMOA regional financial market.
This Circular takes effect from its publication date.
Done in Abidjan, on 03 JAN 2022
The General Secretary Ripert BOSSOUKPE
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 1 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org
Table 1: Information required under Article 36 paragraphs 1 and 2 of the Instruction and transmitted semi-annually and annually
| Type of information | Information | |
|---|---|---|
| 1 | Name of the CIS | |
| 2 | CIS Management Company | |
| 3 | Identification code (if applicable) | |
| 4 | CIS creation date | |
| 5 | Identity of main broker(s) (company name and standard code if applicable) | |
| 6 | Main currency of the CIS | Total assets under management |
| 7 | Three main funding sources of the CIS | |
| 8 | Type of CIS | |
| Details of investment strategies | ||
| 10 | Top 5 traded instruments | Instrument type |
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 2 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org
| Geographic Zone | % NAV | ||
|---|---|---|---|
| Allocate investments by geographic zone, as a percentage of total net asset value (NAV) | |||
| UMOA | |||
| Benin | |||
| Burkina Faso | |||
| Côte d'Ivoire | |||
| Guinea-Bissau | |||
| 11 | Mali | ||
| Niger | |||
| Senegal | |||
| Togo | |||
| CEMAC | |||
| Other regions/African countries | |||
| Europe (EEA) | |||
| Europe (non-EEA) | |||
| Middle East | |||
| North America | |||
| South America | |||
| Asia-Pacific (excluding Middle East) |
| Top ten CIS risk exposures at the reporting date (in absolute terms) | |||||
|---|---|---|---|---|---|
| 12 | Type of assets/liabilities | Name/description of asset/liability | Value | % of gross market value | Long/Short Position |
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 3 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org
| Top five portfolio concentration points | ||||||
|---|---|---|---|---|---|---|
| 13 | Type of assets/liabilities | Name | Total exposure amount | % of gross market value | Long/Short Position | Counterparty (if applicable) |
| 14 | Typical size of transactions or positions (for private equity funds) |
| Investor concentration | ||
|---|---|---|
| 15 | Please provide the approximate percentage of CIS shares or units effectively owned by the five (5) beneficial holders with the largest stakes in the CIS (as a percentage of its outstanding shares or units); prioritize beneficial holders if known or identifiable. | |
| Qualified investors | ||
| Non-qualified investors |
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 4 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org
| Specific information on liquidity (if applicable) | |
|---|---|
| Percentage of CIS assets subject to special treatment due to illiquidity | |
| Any new measures taken to manage CIS liquidity | |
| 16 | Current risk profile of the CIS and risk management systems used by the CIS Management Company to manage market, liquidity, counterparty, and other risks, including operational risk |
| Information on major asset categories in which the CIS has invested | |
| Results of stress tests conducted in accordance with Article 12 paragraph 1 and Article 26 paragraph 2 of the Instruction. |
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 5 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org
Table 2: Complaint Processing
The table outlines the information required under Article 15 of the Instruction:
| Name of the CIS | Share/Unit Class | Date complaint received | Date acknowledgment of receipt | Date response to complaint | Nature of complaining person | Subject of the complaint | Response provided | Compensation | Compensation amount |
|---|---|---|---|---|---|---|---|---|---|
| DD/MM/YY | DD/MM/YY | DD/MM/YY | Legal Entity / Natural Person | Yes/No |
Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org 6 TEL.: (225) 20 21 57 42 / 20 31 56 20 Fax: (225) 20 33 23 04 Email: sg@crepmf.org