Regulatory Alerts2021-09-23
DECISION No. CM/07/09/2021 ADOPTING THE UNIFORM LAW ON STOCK MARKET OFFENCES ON THE REGIONAL FINANCIAL MARKET
The Council of Ministers of the West African Monetary Union (UMOA) has adopted a Uniform Law on Stock Market Offences to criminalize fraudulent practices and ensure transparency on the regional financial market. The legislation mandates strict disclosure obligations for listed entities regarding privileged information and insider transactions, while establishing internal detection procedures for suspicious operations. It defines severe criminal penalties, including imprisonment and substantial fines scaled to illicit gains, for insider dealing, market manipulation, and failure to comply with reporting requirements.
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