Regulatory Alerts2023-08-24
Instruction No. 49/2016 on the Sanction Procedure by the Regional Council on the UMOA Financial Market
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union (UMOA) has issued Instruction No. 49/2016 to establish a standardized three-phase sanction procedure comprising investigation, hearing, and decision-making. The directive mandates that the Secretary General initiate inquiries upon detecting market misconduct or third-party referrals, requiring written notifications, adversarial hearings with legal representation, and a 60-day reporting window before the Council imposes sanctions. It further clarifies expedited processes for flagrant breaches, establishes publication and appeal mechanisms before the UMOA Court of Justice, and repeals Instruction No. 42/2010 effective from its signature date in November 2016.