Regulatory Alerts2023-08-24
Instruction No. 44/2010 on the Approval of Management Companies for Securitization Funds on the UMOA Regional Financial Market
The West African Monetary Union's Regional Council for Public Savings and Financial Markets issued Instruction No. 44/2010 to establish the approval framework for management companies overseeing Common Securitization Funds on the UMOA regional financial market. The regulation mandates that eligible management companies maintain a minimum paid-up capital of 250 million FCFA, possess qualified internal controllers and fund managers, and submit comprehensive documentation detailing their legal structure, human resources, technical systems, and statutory auditors. Upon approval, companies must pay a 5 million FCFA fee, display their approval number in public disclosures, and ensure seamless succession planning through asset custodians in the event of final activity cessation.