Regulatory Alerts2023-08-24
Instruction No. 55/2018 on the Authorization and Exercise of Listing Sponsor Activities on the Regional Financial Market
The West African Monetary Union's Regional Council for Public Savings and Financial Markets (CREPMF) issues Instruction No. 55/2018 to establish the authorization criteria, operational procedures, and ongoing obligations for entities acting as Listing Sponsors on the regional financial market. The regulation mandates that eligible management companies, credit institutions, and advisory firms obtain prior Council approval, maintain civil liability insurance, and adhere to strict conflict-of-interest and confidentiality rules while assisting companies with IPO admissions to the BRVM's Third Compartment. Furthermore, it defines the Council's supervisory powers, including inspection rights and authorization revocation grounds, ensuring continuous compliance through annual reporting and structured renewal evaluations.