Regulatory Alerts2021-09-23
Decision No. CM/08/09/2021 Amending Articles 72, 82 and 83 of the General Regulation on the Organization, Functioning and Control of the UMOA Financial Market
The Council of Ministers of the West African Monetary Union (UMOA) amends Articles 72, 82, and 83 of its General Regulation to redefine collective investment undertakings (OPC), mandate a single depositary for their assets, and clarify the depositary's oversight duties. The revised Article 72 classifies OPCs into securities-based funds (OPCVM) and alternative investment funds (FIA), while specifying their contractual or statutory forms. Articles 82 and 83 require OPC assets to be held by a qualified depositary within the Union and establish that this depositary must verify operational regularity against prudential rules, with detailed implementation conditions to be set by a Regional Council Instruction.
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