Regulatory Alerts2016-11-01
Regulation 03/08/CEMAC/UMAC/CM on Freely Subscribable Public Securities Issued by CEMAC Member States
The Ministerial Committee of the Economic and Monetary Community of Central Africa (CEMAC) issues Regulation 03/08 to govern the issuance, placement, and book-entry custody of freely subscribable public securities, specifically Assimilable Treasury Bills and Bonds. The framework mandates that all issuances be conducted through BEAC-organized auctions exclusively reserved for approved Treasury Securities Specialists, with dematerialized securities held in accounts managed by a dedicated clearing and custody unit. It establishes strict operational rules for settlement, market liquidity obligations, pledge and encumbrance procedures, and refinancing eligibility to ensure transparent debt management and financial stability across member states.