Regulatory Alerts2023-08-24
Instruction No. 4/97 on the Approval of Management and Intermediation Companies (SGI)
The West African Monetary Union's Regional Council for Public Savings and Financial Markets issued Instruction No. 4/97 to establish the approval framework for Management and Intermediation Companies (SGI). The regulation mandates a minimum 150 million FCFA capital, specifies detailed application documentation including own funds calculations and shareholder disclosures, and requires SGI to maintain compliance through internal controls, market guarantee fund membership, and timely notifications of material changes. Furthermore, it sets forth the procedural requirements for approval fees, official publication notices, and mandatory professional association membership.
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