Regulatory Alerts2012-02-01
Regulation No. 01-09 CEMAC-UMAC-COBAC Establishing the Central African Deposit Guarantee Fund
Issued by CEMAC, UMAC, and COBAC in April 2009, this Regulation establishes the Central African Deposit Guarantee Fund (FOGADAC) to compensate eligible depositors up to 5 million CFA francs per beneficiary and institution when funds become unavailable. The Fund is governed by a Management Committee and a Permanent Secretariat, with resources funded by institutional contributions, investment income, donations, and state guarantees. It exercises preventive intervention powers, enjoys fiscal exemptions and privileged claims, and enforces sanctions for fraud or regulatory breaches before the CEMAC Court of Justice.
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