Regulatory Alerts2023-08-24
Instruction No. 63/2020 on the Issuance of Public Securities on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) has issued Instruction No. 63/2020 to govern the registration, issuance, placement and quotation of public securities issued via syndication by UMOA Member States on the Regional Financial Market. The regulation establishes a standardized six-step process, mandates strict documentation including Information and Operation Notes, and sets maximum execution timelines of 23 to 28 business days. It further defines the respective obligations, liability frameworks and settlement procedures for bookrunners, syndicate members, central depositories and issuers to ensure market transparency and operational efficiency.
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