Regulatory Alerts2023-08-24
Instruction No. 40/2009 on the Management Structure of Commercial Intermediaries in the UMOA Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issued Instruction No. 40/2009 to require all approved Commercial Intermediaries in the UMOA financial market to establish a Board of Directors and adhere to specific governance standards. The regulation mandates that these entities, which must operate as public limited companies, appoint directors based on competence and integrity to ensure sound risk management and investor protection. Approved intermediaries are granted a two-year transitional period from the October 26, 2009 signature date to fully align their management structures with these provisions.
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