Regulatory Alerts2023-12-29
Instruction No. 77/AMF-UMOA/2023 on the Internal Control and Risk Management Framework of the Regional Stock Exchange for Securities (BRVM)
The Financial Markets Authority of the West African Monetary Union (AMF-UMOA) issues this Instruction to establish binding rules for the Regional Stock Exchange for Securities (BRVM) regarding its internal control framework and risk management system. It mandates the implementation of a three-lines-of-defense model, defines clear responsibilities for governing and executive bodies, and requires the establishment of an independent compliance function with dedicated resources and a formal charter. Furthermore, it prescribes continuous monitoring, risk mapping, audit trails, and strict reporting obligations to ensure operational soundness, regulatory compliance, and protection of investor interests.
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