Regulatory Alerts2021-11-01
Instruction No. 02/CRCT/2021 - Operating Procedure for the Issuance of Treasury Securities by CEMAC Member States via Domestic Syndication
The Central African States Bank (BEAC) issued Instruction No. 02/CRCT/2021 to establish the operating procedure for CEMAC member states' treasury securities issuance via domestic syndication. The regulation mandates that the Public Treasury select a lead manager and placement syndicate from approved specialists, submit standardized Information and Operation Notes to the BEAC for conformity verification, and adhere to strict timelines for subscription periods, allocation, cash settlement, and automated repayment. It further defines the BEAC's monitoring role, the central depository's delivery obligations, and penalty mechanisms for payment defaults to ensure efficient capital market operations.
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