Regulatory Alerts2023-08-24
Instruction No. 42/2010 on the Sanction Procedure by the Regional Council for the UMOA Financial Market
The Regional Council for Public Savings and Financial Markets issued Instruction No. 42/2010 to establish a formal three-phase sanction procedure for the UMOA regional financial market. The framework mandates a preliminary investigation initiated by the General Secretariat or third parties, followed by a formal inquiry conducted by an independent Commission, and culminates in a closed deliberation where the Council imposes sanctions or closes cases. The Instruction also guarantees procedural rights, including legal representation and the right to appeal before the UEMOA Court of Justice or national courts.
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