Regulatory Alerts2010-12-02
Application Texts of the Law on Banking Regulation
Issued by the Governor of the Central Bank of the States of West Africa (BCEAO) for the West African Monetary Union (UMOA), this compilation of regulatory texts establishes detailed operational rules for banking institutions, including thresholds for appointing statutory auditors, procedures for withdrawing credit sales approvals, and classifications for lending, leasing, factoring, guarantee, and payment entities. It mandates specific legal forms, prohibits self-dealing and unauthorized public deposits, and sets precise financial penalties for late reporting to supervisory authorities. Furthermore, it outlines the transitional measures and approval processes for subsidiaries of revoked credit institutions, ensuring strict compliance with UMOA banking laws.