Regulatory Alerts2023-08-24
Instruction No. 45/2011 on the Organization, Operation and Management of Collective Investment Schemes in Securities on the UMOA Regional Financial Market
The Regional Council for Public Savings and Financial Markets (CREPMF) issued Instruction No. 45/2011 to establish comprehensive organizational, operational, and management rules for Collective Investment Schemes in Securities (OPCVMs) on the UMOA regional financial market. The regulation mandates specific legal forms, capital requirements, and approval procedures for Management Companies and Custodians while defining mandatory organizational structures, human resources, technical means, and investment committees. It further enforces continuous prudential standards, asset safekeeping rules, NAV-based redemption mechanisms, and strict reporting obligations to ensure transparency, conflict-of-interest prevention, and investor protection.
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