Regulatory Alerts2010-04-30
Instruction No. 003-04-2010 on Procedures for Revoking Approval of Credit Sales Financial Institutions
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 003-04-2010 to establish the precise procedures for revoking the approval of active credit sales financial institutions under the banking regulation law. The instruction mandates that revoked institutions modify their statutes and corporate names, convene an Extraordinary General Meeting, and file updated registrations with the Commercial and Movable Credit Register within a legally prescribed timeframe. Furthermore, it requires affected institutions to notify creditors and security subscribers via registered mail, publish these notifications in a legal newspaper, and submit supporting documentation to the Finance Minister, BCEAO, and UMOA Banking Commission before a comprehensive verification audit is conducted.