Regulatory Alerts2025-06-02
Circulaire No. 17/AMF-UMOA/2025 on the Application of the Proportionality Principle for Collective Investment Management Companies in the Regional Financial Market
The UMOA Financial Markets Authority (AMF-UMOA) issued Circulaire No. 17/2025 to establish proportionality rules for Collective Investment Management Companies managing net average assets of 10 billion FCFA or less over twelve rolling months. Eligible firms may defer mandatory remuneration commitments, utilize internal portfolio managers for risk oversight, conduct annual liquidity simulations, and assign independent asset valuation to existing directors without compromising compliance. The directive further permits portfolio delegation driven by objective operational or cost-saving reasons, mandates semi-annual complaint reporting, and ensures that such delegations do not diminish the management company's substantive liability to investors.