Regulatory Alerts2024-02-22
BCEAO Guidelines on Declaration Procedures for New Mandates by Banking Operations Intermediaries
BCEAO, through its Governor, issues Opinion No. 003-12-2023 requiring banking operations intermediaries to declare new mandates with credit institutions to the Minister of Finance, copying the BCEAO, at least thirty business days before execution. The declaration must be filed with the Main Agency in the intermediary’s state of establishment, satisfying Article 4 of Instruction No. 015-12/2010/RB without triggering a new authorization requirement. This binding notice applies to all credit institutions and intermediaries, standardizing the regulatory reporting process for newly concluded mandates.
[Logo BCEAO]
The Governor
OPINION NO. 003-12-2023 ON THE DECLARATION PROCEDURES FOR NEW MANDATES CONCLUDED BY A BANKING OPERATIONS INTERMEDIARY
Pursuant to the second paragraph of Article 4 of Instruction No. 015-12/2010/RB setting the conditions for the exercise of banking operations intermediary activities, « a banking operations intermediary may conclude new mandates with other credit institutions, without requiring a new authorization, provided that it declares them to the Minister in charge of Finance, with a copy to the BCEAO ».
In application of this provision, a banking operations intermediary is required to notify the Minister in charge of Finance, with a copy to the BCEAO, at least thirty (30) business days before the date scheduled for the conclusion of a new mandate.
The declaration is filed with the Main Agency of the BCEAO in the State where the banking operations intermediary is established.
This Opinion is notified to credit institutions as well as to banking operations intermediaries and published where necessary.
Done in Dakar, on December 5, 2023
Jean-Claude Kassi BROU
Avenue Abdoulaye FADIGA | Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 BP 3108 – Dakar - Senegal | courrier.bceao@bceao.int - www.bceao.int