Regulatory Alerts2023-08-24
Instruction No. 06/2020/CREPMF on the Processing of Approval and Endorsement Applications
The West African Monetary Union's Regional Council for Public Savings and Financial Markets (CREPMF) has issued Instruction No. 06/2020 to establish standardized procedures and timelines for processing approval and endorsement applications from financial market actors. The Instruction mandates a four-stage process—submission, compliance analysis, file processing, and final decision—with strict deadlines for admissibility reviews (2 days), compliance checks (10 days), file processing (20 days), and the Council's final ruling (3 months). It further defines the required documentation, risk assessment mechanisms, interview procedures, and closure conditions for rejected or adjourned applications, ensuring regulatory consistency across SGI, SGP, CIS, BTCC, and other designated entities.