Regulatory Alerts2023-08-24
Circular No. 004-2005 on the Procedure for Issuing State Bonds on the UMOA Regional Financial Market
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) issues Circular No. 004-2005 to mandate the standardized procedure for UMOA member States issuing bonds on the regional financial market. The regulation exempts these sovereign issuances from prior visa approval and commissions, requiring instead a structured workflow that includes authorization by competent state authorities, engagement of a Management and Intermediation Company, preparation and submission of an information note, public distribution, subscription closure, and final registration. The circular explicitly details the mandatory content of the information note, conditions for waiving sensitive data, and precise post-issuance reporting obligations to be filed with CREPMF.