Regulatory Alerts2023-08-24
Instruction No. 5/97 on the Approval of Wealth Management Companies
The West African Monetary Union’s Regional Council for Public Savings and Financial Markets issued Instruction No. 5/97 to establish the authorization framework for Wealth Management Companies operating within its jurisdiction. The regulation defines these entities as legal persons managing client securities discretely through Securities Investment Companies, mandates a minimum share capital and own funds of 40 million CFA francs, and requires a comprehensive application dossier including corporate statutes, financial statements, insurance, and written client commitment. Furthermore, it establishes immediate notification requirements for material changes, links approval to a statutory fee, and mandates official publication of granted approvals in the stock exchange bulletin.