Regulatory Alerts2023-08-24
Circular No. 005-2005 on the Subscription Period and Value Date Mentions in the Information Note
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) requires Management and Intermediation Companies to align the subscription period in information notes with the Regional Council's authorization date and distinguish between indicative draft periods and effective final periods. It further mandates that bond value dates occur no later than fifteen calendar days after subscription closes, establishing a strict timeline for market operations. Issuers and SGI firms must incorporate these timing stipulations into all information notes and advertising documents to ensure regulatory compliance.
Regional Council for Public Savings and Financial Markets CREPMF
West African Monetary Union
CIRCULAR No. 005-2005
ON THE MENTIONS REGARDING THE SUBSCRIPTION PERIOD AND THE 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 run, 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 takes into account the steps to be completed until the operation's authorization;
- The effective subscription period is the one that must be stated in the definitive information note approved by the Regional Council.
- The value date for bonds must occur, at the latest, fifteen (15) calendar days after the close 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.
Done 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