Regulatory Alerts2023-08-24
Instruction No. 36/2009 Amending and Repealing Instruction No. 33/2006 on Public Offers to the Savings Market within the UMOA
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issued Instruction No. 36/2009 to amend and repeal prior public offering regulations, establishing comprehensive requirements for information notes, prior endorsements, and periodic disclosures. The directive mandates that all non-state issuers obtain regulatory approval, designate a lead securities management company, and secure investment-grade ratings or first-demand guarantees. It further standardizes the dissemination of financial documents, sets specific compliance timelines for non-resident entities and listed companies, and defines the fee structure and suspension powers governing public offerings across UMOA member states.
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