Regulatory Alerts2023-08-24
Instruction No. 32/2005 on the Withdrawal of Approval for Approved Market Participants by the UMOA Regional Council of Public Savings and Financial Markets
The UMOA Regional Council of Public Savings and Financial Markets issued Instruction No. 32/2005 to establish the formal procedure for withdrawing approval from authorized market participants. The regulation mandates notification via registered letter, prohibits post-withdrawal client operations except for liquidation, and requires a six-month clearance period involving auditor-certified reporting, contract termination, and client account transfers. It further specifies accelerated timelines for management companies and collective investment funds to appoint successors or liquidate assets, while addressing natural persons, bankruptcy scenarios, and absorption mergers.
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