Regulatory Alerts2010-05-10
Opinion No. 001-05-2010 on the Term of Office of Statutory Auditors of Credit Institutions in the UMOA
The Governor of the BCEAO issued Opinion No. 001-05-2010 to specify the implementation of statutory auditor appointments for UMOA credit institutions. The opinion establishes a renewable three-year term effective April 1, 2010, while confirming that incumbent permanent and alternate auditors continue their functions under existing contractual conditions. All subsequent appointments and renewals must strictly follow the provisions of Article 51, paragraph 6, of the banking regulation law.
In accordance with the provisions of Article 51, paragraph 6, of the law on banking regulation, statutory auditors are appointed by the Ordinary General Meeting for a term of three (03) years, renewable. This opinion specifies the conditions for implementing these provisions.
- Statutory auditors, both permanent and alternate, whose term has not expired by April 1, 2010, the date of entry into force of the UMOA and BCEAO institutional reform, continue to exercise their functions in accordance with the prevailing contractual conditions.
- Effective April 1, 2010, the appointment and, where applicable, the renewal of statutory auditors are carried out in accordance with the provisions of the aforementioned law. Done at Dakar, May 10, 2010 The Governor Philippe-Henri DACOURY-TABLEY Avenue Abdoulaye FADIGA P.O. Box 3108 – Dakar – Senegal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 www.bceao.int OPINION NO. 001-05-2010 ON THE TERM OF OFFICE OF STATUTORY AUDITORS OF CREDIT INSTITUTIONS IN THE WEST AFRICAN MONETARY UNION (UMOA)