Regulatory Alerts2023-08-24
Circular No. 003-2004 on the Information Note for Public Offerings by Corporate Entities
The Regional Council for Public Savings and Financial Markets mandates that all corporate entities conducting public offerings in the West African Monetary Union (UMOA) must obtain prior regulatory approval and distribute a comprehensive information note detailing the issuer's assets, operations, financial position, prospects, transaction characteristics, and related rights. Failure to secure this approval or distribute the required note constitutes a regulatory violation subject to sanctions, while issuers and their advisors are strictly obligated to ensure the note's effective distribution across all UMOA member states through authorized legal newspapers and public inspection at key financial institution offices. This circular enforces compliance with Article 90 of the Uniform Act on Commercial Companies and GIEs and Article 9 of Instruction No. 1/97 to guarantee market transparency and investor protection.