Regulatory Alerts2015-09-11
Instruction No. 011-09-2015 on Treasury Bond and Obligation Auction Procedures with UMOA-Titres Support
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 011-09-2015 to standardize auction procedures for Treasury bonds and obligations across UEMOA member states through the automated SAGETIL-UMOA platform. The directive mandates that UMOA-Titres Agency manage bid submissions, anonymized evaluation, and automated settlement while requiring public treasuries to submit issuance requests at least ten working days prior to auction dates. It further establishes strict timelines for ISIN creation, result publication, and payment default sanctions to ensure market transparency and operational efficiency.
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