Regulatory Alerts2023-08-24
Instruction No. 37/2009 on the Conditions for Operating Credit Rating Agencies on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets of the UMOA issued Instruction No. 37/2009 to establish the operating conditions, approval procedures, and supervisory framework for credit rating agencies on the regional financial market. The regulation mandates prior Council approval, strict independence and conflict-of-interest safeguards, mandatory rotation of analysts, transparent publication of ratings and transparency reports, and standardized remuneration structures. It further grants the supervisory authority comprehensive inspection, suspension, and withdrawal powers to ensure ongoing compliance with organizational and operational requirements.
Share