Regulatory Alerts1992-12-22
COBAC Regulation R-92/01 on the Summoning and Hearing Procedure for Credit Institution Executives
The Central African Banking Commission issued Regulation R-92/01 to establish a formal summoning and hearing procedure for credit institution executives facing disciplinary sanctions. The regulation mandates that summons be delivered at least fifteen days prior to the hearing, accompanied by a statement of facts, and grants executives the right to professional representation, document access, and written submissions if unable to attend in person. Disciplinary sanctions resulting from this process must be reasoned, become enforceable upon notification, and require a one-month waiting period for withdrawal of authorization before taking effect.
COBAC REGULATION R-92/01 OF 22 DECEMBER 1992 ON THE SUMMONING AND HEARING PROCEDURE FOR CREDIT INSTITUTION EXECUTIVES
The Central African Banking Commission convened on 22 December 1992, Having regard to the Convention of 16 October 1990 establishing the Central African Banking Commission; Having regard to the Annex to the Convention of 16 October 1990, particularly Article 13 concerning the imposition of disciplinary sanctions: DECIDES
Article 1. - When the Central African Banking Commission decides to rule on a disciplinary matter, the President of the Commission summons the executive of the establishment in question and, where applicable, any other officer that the Commission deems necessary to hear. The summons is notified by registered letter with acknowledgment of receipt or by hand-delivered letter bearing the recipient's discharge on a register or transmission slip.
Article 2. - The summons must reach the concerned parties at least fifteen days before the date set for the hearing by the Commission. It must include a statement of facts justifying this procedure.
Article 3. - Summoned persons have the right to be assisted by a representative of their Professional Association as well as by any defender of their choice during their hearing before the Commission. To this end, they also have the possibility to consult the file concerning them held by the General Secretariat.
Article 4. - The concerned parties must appear in person to the Commission's summons, unless duly justified impediment exists, in which case they are required to submit their observations in writing to the President of the Commission before the date set for their hearing. Failing which, the Commission may rule by default.
Article 5. - In accordance with the provisions of Article 13 of the Annex to the Convention of 16 October 1992, sanctions imposed by the Commission at the conclusion of this procedure, where applicable, must be reasoned. They are enforceable upon notification to the concerned parties, except for the withdrawal of authorization which only takes effect after the expiration of a one-month period from the communication, by registered letter with acknowledgment of receipt or hand-delivered letter against discharge, of the COBAC decision to the relevant National Monetary Authority.
Article 6. - This decision shall be notified to all authorized credit institutions in the States of Central Africa, their Professional Associations, and the Ministers responsible for Currency and Credit by the Secretary General of the Banking Commission.
Article 7. - The Secretary General of the Banking Commission is responsible for the execution of this regulation.
For the Banking Commission, The President: Jean-Félix MAMALEPOT