Regulatory Alerts2023-12-29
Instruction No. 74/AMF-UMOA/2023 on Essential Functions and Professional Card Holding within the Central Depository/Settlement Bank (DC/BR)
The West African Monetary Union Financial Markets Authority (AMF-UMOA) issued Instruction No. 74/2023 to mandate the inclusion of six essential functions within the organizational chart of Central Depository/Settlement Banks (DC/BR) and to require professional card holding for key executives and staff. The Instruction establishes strict independence, autonomy, and ethical obligations for these roles while detailing a comprehensive application procedure, annual reporting requirements, and conditions for card issuance, renewal, or withdrawal. It grants the DC/BR a two-year transitional period to align its governance and staffing with these regulatory standards, subject to sanctions for non-compliance or prolonged vacancies.
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