Regulatory Alerts2023-08-24
Instruction No. 2/97 on the Authorization of the Regional Securities Exchange
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issues Instruction No. 2/97 to authorize the Regional Securities Exchange, requiring a detailed approval dossier comprising corporate statutes, capital distribution, management credentials, technical resources, and a market regulation that ensures transparency, investor protection, and sanctioning powers. The authorized exchange must continuously report characteristic changes to its initial file, pay a council-determined fee, and provide real-time transaction data for monitoring. This approval is formally published in the official stock exchange bulletin to validate its listing, quotation, and information dissemination mandate across all UMOA member states.