Regulatory Alerts2022-09-15
Decision No. CM/15/09/2022 Amending the General Regulation on the Organization, Operation and Supervision of the UMOA Financial Market in Relation to the Establishment of a Regulatory Framework for the Islamic Capital Market
The UMOA Council of Ministers issued Decision No. CM/15/09/2022 to amend the General Regulation governing the regional financial market, thereby establishing a comprehensive regulatory framework for Islamic capital markets. The decision introduces mandatory Sharia Compliance Boards to validate Islamic financial instruments, defines compliant Collective Investment Undertakings and securities, and updates issuance, marketing, and dematerialization procedures. It further grants the Regional Council veto powers over new Islamic products and streamlines foreign exchange control approvals for non-resident entities marketing investment products within the UMOA zone.
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