Regulatory Alerts2023-09-12
CIRCULAR No. 02/CREPMF/2022 ON THE APPROVAL PROCESS, MODIFICATION OF INITIAL APPROVAL CONDITIONS, AND WITHDRAWAL OF APPROVAL FOR MANAGEMENT COMPANIES OF COLLECTIVE INVESTMENT UNDERTAKINGS
The Regional Council for Public Savings and Financial Markets (CREPMF) of the West African Monetary Union issued Circular No. 02/CREPMF/2022 to standardize the approval process, modification procedures, and withdrawal conditions for Management Companies of Collective Investment Undertakings operating in the regional financial market. The regulation mandates specific documentation, including a detailed business plan and management information sheets, while establishing strict timelines, prior authorization requirements for key operational changes, and grounds for approval revocation such as inactivity or non-compliance. Furthermore, it outlines comprehensive organizational, technological, and control framework standards that applicant companies must demonstrate to ensure robust risk management, best execution practices, and regulatory oversight.