Regulatory Alerts2023-09-12
Circular No. 005-2010 on the Procedure for Issuing Visas to Financial Operations via Public Offering and Registering Bond Loans through Private Placement
The Regional Council for Public Savings and Financial Markets (CREPMF) mandates a standardized four-step procedure to authorize securities transactions via public offering or private placement on the West African Monetary Union (UMOA) market through visa issuance or registration. Responsible Management and Intermediation Companies must submit complete application files at least twelve weeks before execution, undergo regulatory compliance analysis within five business days, and navigate a two-month processing period that suspends upon request for supplementary information. The CREPMF subsequently issues favorable opinions, conditional approvals, postponements, or rejections, enforcing strict submission deadlines that trigger file closure, decision voidance, or permanent rejection after two consecutive refusals.