Regulatory Alerts2023-08-24
Instruction No. 39/2009 on the Establishment Conditions for UMOA Financial Market Participants Outside Their Home State
The Regional Council for Public Savings and Financial Markets has issued Instruction No. 39/2009 to establish the regulatory framework for Commercial Participants operating outside their home state within the UMOA financial market. The directive mandates prior approval or authorization for subsidiaries, branches, and liaison offices, specifying distinct human and technical resource requirements, minimum capital thresholds of 50 million or 100 million FCFA for delegated activities, and strict client protection obligations during branch closures. It further standardizes documentation, insurance extensions, and permanent connectivity requirements to ensure consistent oversight across all participating entities.
Share