Regulatory Alerts2023-08-24
Instruction No. 43/2010 on the Approval of Credit Securitization Common Funds, Visa of Their Information Notes, and Placement Modalities for Their Securities on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets of the UMOA issued Instruction No. 43/2010 to establish the approval and visa framework for Credit Securitization Common Funds (FCTC) and regulate the placement of their securities on the regional financial market. The regulation mandates prior approval by the Council, requires a standardized information note detailing asset characteristics, stakeholder roles, and fee schedules, and specifies strict timelines for subscription, issuance, and post-issuance reporting. It further distinguishes between public offerings and private placements by outlining distinct documentation requirements, risk allocation mechanisms, and simplified templates for qualified investor subscriptions.
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