Regulatory Alerts2023-08-24
Instruction No. 3/97 on the Approval of the Central Depository and Settlement Bank
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issues Instruction No. 3/97 to formally approve Central Depository and Settlement Banks, authorizing them to conduct book-entry securities conservation, manage settlement and delivery cycles, and settle stock market compensation balances across all member states. The approval process requires applicants to submit certified articles of incorporation, capital distribution details, governing body compositions, executive officer lists with criminal records, and descriptions of technical and human resources. Furthermore, the authorization is contingent upon payment of a regulatory fee fixed by the Council and requires publication of an official notice in the stock exchange bulletin.