Regulatory Alerts2023-12-29
Instruction No. 76/AMF-UMOA/2023 on the Governance of the Central Depository/Settlement Bank (DC/BR)
The West African Monetary Union Financial Markets Authority (AMF-UMOA) issued Instruction No. 76/2023 to establish minimum corporate governance standards for the Central Depository/Settlement Bank (DC/BR). The regulation mandates a balanced Board of Directors with at least 75% non-executive and two independent members, outlines strict independence criteria, and requires a formalized governance charter, risk management framework, and continuous director training. It further stipulates clear delegation rules, conflict-of-interest protocols, and mandatory reporting of board minutes to the regulator to ensure financial stability and operational transparency across the regional market.
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