Regulatory Alerts2023-08-24
Instruction No. 53/2017 on the Authorization of Business Introducers, Stock Investment Advisors and Sales Agents on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issues Instruction No. 53/2017 to regulate the authorization, conduct, and reporting obligations of business introducers, stock investment advisors, and sales agents on the UMOA regional financial market. The directive establishes detailed accreditation requirements for legal and natural persons, mandates professional cards and bank guarantees ranging from 500,000 to five million FCFA, and enforces strict fiduciary duties including loyalty, confidentiality, and prohibitions on fund retention and commission retrocession. It further standardizes quarterly and annual reporting formats, mandates contract submissions within thirty days, and grants existing intermediaries a one-year transitional period before the instruction fully takes effect on January 1, 2018.