Regulatory Alerts2023-09-12
Circular No. 10/CREPMF/2022 on the Calculation of General Expenses for Determining the Equity Level of OPC Management Companies
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) issued Circular No. 10/CREPMF/2022 to mandate approved OPC Management Companies in the UMOA region to calculate their required equity levels based on adjusted general expenses. The directive specifies that total operating charges must be reduced by fully discretionary bonuses, product retrocessions, shared commissions, non-recurring expenses, and remuneration paid to linked distribution agents. This calculation method ensures the mandated equity threshold never falls below a specified percentage of the preceding year's adjusted expenses and takes immediate effect upon publication.
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