Regulatory Alerts2016-11-01
Added · Updated
Regulation No. 03/CEMAC/UMAC/CM on Stock Repurchase Operations in the BEAC Money Market
This Regulation defines the conditions and modalities for stock repurchase (pension livrée) operations on the BEAC Money Market, including the interbank compartment. It establishes the definition of the operation, eligible financial assets, and mandatory requirements such as the signing of a framework convention and its submission to the BEAC for approval within ten working days. The text details delivery mechanisms, confirmation procedures, margin requirements, and the rights of the transferee. It further specifies rules for substitution of assets, calculation of default interest for late payment or delivery, and procedures for termination due to default or new circumstances, including a 15-day negotiation period for the latter.
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