Regulatory Alerts2023-08-24
Instruction No. 51/2016 on Technical Opinions from Regional Financial Market Central Structures for Commercial Participant Approval
The UMOA Regional Council for Public Savings and Financial Markets (CREPMF) issued Instruction No. 51/2016 to standardize the technical opinions required from the Regional Securities Exchange and the Central Depository/Clearing Bank during commercial participant approvals. The Instruction mandates that applicants submit comprehensive IT and network documentation, which central structures must evaluate within a maximum one-month period to issue reasoned favorable or unfavorable opinions. Should assessments be delayed or deemed unfavorable, the regulation provides explicit appeal pathways and permits applicants to substitute missing opinions with those from a Council-approved expert.
Share