Regulatory Alerts2023-08-24
Added · Updated
Instruction No. 34 of 2007 on the Regional Council's Sanction Procedure for the UMOA Financial Market
The Regional Council for Public Savings and Financial Markets issued Instruction No. 34 of 2007 to establish a formal three-phase sanction procedure—preliminary inquiry, investigation, and decision-making—for violations on the UMOA Financial Market. The instruction mandates that the General Secretariat or third parties may trigger preliminary inquiries, while a dedicated Commission conducts formal investigations and prepares reports for the Council's closed-session deliberations. It further guarantees the concerned party's right to legal assistance, specifies appeal routes before the UMOA Court of Justice and national courts, and repeals all prior conflicting provisions upon signature.
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