Regulatory Alerts2021-11-01
Instruction No. 01/CRCT/2021 on the Organization and Participation in Non-Competitive Offers for Treasury Securities Issued by CEMAC Member States
The Bank of Central African States (BEAC) issued Instruction No. 01/CRCT/2021 to establish the organizational framework and participation rules for non-competitive offers (NCOs) regarding Treasury securities issued by CEMAC member states. The regulation mandates that NCOs be launched within one day following competitive auctions, reserved exclusively for Treasury Securities Specialists, and submitted via a dedicated platform with maximum amounts capped at five percent of the auction-retained value. It further details allocation prioritization, settlement procedures, penalty mechanisms for payment defaults, and automatic interest and principal repayment processes to ensure efficient market operations.
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