Regulatory Alerts2023-08-24
Instruction No. 22/99 on the Approval of Collective Investment Schemes in Securities and Public Information
The West African Monetary Union’s Regional Council for Public Savings and Financial Markets issued Instruction No. 22/99 to establish the approval framework and public disclosure requirements for Collective Investment Schemes in Securities. The regulation mandates that these schemes obtain prior regulatory approval, submit detailed applications specifying capital structure, management qualifications, and operational procedures, and comply with prudential rules on risk coverage and diversification. Additionally, it standardizes the publication of information notes, requires quarterly and annual reporting on net assets and portfolio distribution, and sets fixed approval fees of two million FCFA for Variable Capital Investment Companies and one million FCFA for Common Investment Funds.