Region

Jurisdiction

Regulator

2009-02-13

COBAC Circular LC-COB/014 on the New CERBER Reporting Requirements

The Central African Banking Commission (COBAC) issued Circular LC-COB/014 to address implementation challenges of Instruction I-2008/01 by granting credit institutions a transitional reporting period for January and February 2009. Institutions may submit these early reports under the previous I-99/01 specifications while simultaneously preparing them under the new rules to facilitate error correction. Starting from late March 2009, all submissions must strictly adhere to the new specifications and validation deadlines, with late-fee penalties applicable from 28 February for January submissions and 15 April for March submissions.

Cameroon

Banque des Etats de l'Afrique Centrale

CENTRAL AFRICAN BANKING COMMISSION

General Secretariat P.O. Box 1917 - Yaoundé Republic of Cameroon TELEX – BANETAC 8343 KN Tel. (237) 22.23.40.30 (237) 22.23.40.60 Fax. (237) 22.23.82.16

Yaoundé, 13 FEB. 2009

Recap: All Presidents of APEC

LC-COB/014/DCP/JHI

Subject: New CERBER Reporting.

Mr. President,

I remind you that COBAC Instruction I-2008/01 entered into force on 1 January 2009. Accordingly, the submissions due at the end of January 2009 should be prepared in accordance with the specifications set out in this Instruction, which was previously transmitted to you electronically.

However, given the difficulties encountered by certain credit institutions and requests for a postponement of the application date of the new specifications, credit institutions are requested to take the following measures:

submit their reports due at the end of January and February 2009 under the previous specifications issued by COBAC Instruction I-99/01;
simultaneously submit their January and February 2009 reports in accordance with the new provisions, to allow them to correct any identified anomalies without constraints;
from the end of March 2009 exclusively, submit their reports in accordance with the new specifications (I-2008/01), including all related requirements, particularly regarding deadlines (validation by the 15th of the following month at the latest).

To this end, submissions due at the end of January 2009 under the old system must be validated before 28 February 2009. Penalties for late submission may be applied from this date.

Likewise, please note that submissions due at the end of March 2009 must be validated before 15 April 2009, under penalty of sanctions.

I kindly request that you forward this correspondence to all member institutions of your association.

Please accept, Mr. President, the assurance of my distinguished consideration.

The General Secretary,

IDRISS AHMED IDRISS