Regulatory Alerts2023-08-24
Circular No. 005-2005 on the Statements Regarding the Subscription Period and Value Date in the Information Note
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) mandates that Management and Intermediation Companies align the subscription period in their information notes with the Regional Council's authorization date, utilizing an indicative period during application and a definitive effective period upon approval. It further requires that the value date for bonds occur no later than fifteen calendar days after subscription closes, ensuring issuers and SGI firms accurately reflect these timelines in all information notes and advertising materials. These precise timing requirements standardize market operations by eliminating premature subscription start dates and delayed bond value dates, thereby enhancing regulatory compliance and investor clarity.
Regional Council for Public Savings and Financial Markets (CREPMF)
West African Monetary Union
CIRCULAR No. 005-2005
ON THE STATEMENTS REGARDING THE SUBSCRIPTION PERIOD AND VALUE DATE CONTAINED IN THE INFORMATION NOTE
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) reminds Management and Intermediation Companies (SGI) that:
- The subscription period for market operations must begin, at the earliest, from the date of receipt of the Regional Council's decision authorizing the operation.
- When submitting the application to the Regional Council, the draft information note must contain only an indicative subscription period that accounts for the procedures to be completed until the operation is authorized;
- The effective subscription period is the one that must be stated in the definitive information note approved by the Regional Council.
- The value date of the bonds must occur, at the latest, fifteen (15) calendar days after the closing of subscriptions.
Consequently, Management and Intermediation Companies and issuers are invited to take the above indications into account when preparing their information note and advertising documents related to market operations.
Issued in Abidjan, on August 1, 2005
The General Secretary
(Signature)
Edoh Kossi AMENOUNVE
P.O. Box 1878 Abidjan 01/Côte d’Ivoire – Joseph ANOMA Avenue TEL.: (225) 20215742/20215768/20315620 Fax: 20332304 Email: sg@crepmf.org/ Website: http://www.crepmf.org