Regulatory Alerts2023-08-24
Instruction No. 67/2021 on the Approval of Management and Intermediation Companies on the UMOA Regional Financial Market and Related Specific Requirements
The Regional Council for Public Savings and Financial Markets (CREPMF) issued Instruction No. 67/2021 to establish the approval framework and operational requirements for Management and Intermediation Companies (MICs) on the UMOA regional financial market. The instruction mandates that MICs operate as public limited companies with dedicated boards, maintain specific capital and net asset floors, and fulfill strict organizational, human, technical, and premises criteria to ensure client protection and market stability. Furthermore, it outlines a comprehensive application procedure, ongoing compliance obligations, fee structures, and mandatory capital participation in the Regional Securities Exchange and Central Depository within twelve months of approval.