Regulatory Alerts2009-09-28
Regulation No. 02/09 Granting COBAC Competence to Conclude Cooperation Agreements with Financial Supervisory Authorities
The UMAC Ministerial Committee issued Regulation No. 02/09 to empower the Central African Banking Commission (COBAC) to directly conclude bilateral cooperation agreements with domestic and foreign financial supervisory authorities. The regulation establishes a legal framework for the confidential exchange of sensitive information and authorizes joint or reciprocal on-site inspections across banking, securities, and insurance sectors. By bypassing inefficient intra-CEMAC representativeness procedures, the measure strengthens systemic risk monitoring and cross-border financial stability through streamlined information transmission mechanisms.
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