Regulatory Alerts2023-08-24
Instruction No. 21/99 on the Classification of Collective Investment Schemes in Securities
The West African Monetary Union's Regional Council for Public Savings and Financial Markets issued Instruction No. 21/99 to classify collective investment schemes in securities into Variable Capital Investment Companies (SICAVs) and Common Investment Funds (FCPs). The regulation mandates specific capital thresholds, depositary requirements, and governance structures for both vehicle types while allowing flexible share or unit issuance and redemption. It further establishes clear liability frameworks, information disclosure obligations, and procedural rules for fund regulations to ensure market stability and investor protection.
Share