Regulatory Alerts2023-08-24
Instruction No. 23/99 on Assets Managed by Collective Investment Schemes in Securities
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issued Instruction No. 23/99 to regulate asset composition and management for Collective Investment Schemes in Securities (CIS). The directive mandates that CIS assets permanently maintain at least 85% in publicly offered or regionally listed securities, limits single-issuer exposure to 10 percent (up to 15 percent for UMOA state securities), and requires a single authorized depositary. Furthermore, it establishes strict disclosure timelines for quarterly asset composition reports and annual financial statements, while granting the Council authority to approve foreign securities and allowing public access to these records.
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