Regulatory Alerts2023-08-24
Instruction No. 6/97 on the Authorization of Business Brokers, Securities Investment Advisors and Sales Representatives
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issued Instruction No. 6/97 to regulate and authorize Business Brokers, Securities Investment Advisors, and Sales Representatives. The directive defines their respective operational scopes, explicitly prohibiting them from accepting client deposits or substituting themselves in final investment decisions unless specified. It mandates prior authorization, requires specific documentation and professional experience, establishes tiered bank guarantee amounts based on entity type and activity, and subjects the authorization process to a fixed fee and official publication.
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