Par Dr. Willy Zogo
The Central African Financial Market Supervisory Commission (COSUMAF) adopted 10 Instructions aimed at specifying the methods of applying the provisions of the two key texts in the unified financial market, namely Regulation No. 01/22/CEMAC/UMAC/CM/COSUMAF bearing the organization and operation of the Central Africa financial market and the new general regulations of COSUMAF adopted respectively 21 July 2022 et 23 May 2023.
In accordance with the provisions of the article 8 COSUMAF's general regulations, Instructions projects have gone through a public consultation of 6 au 16 November 2023. The ten texts were adopted on 5 December 2023.
Ces 10 new instructions are as follows :
- Instruction relating to the approval of market intermediaries ;
- Instruction relating to the content and format of the information sent by market intermediaries to their customers;
- Instruction relating to the approval of rating agencies;
- Instruction relating to the terms of filing and the content of the public savings call file ;
- Instruction relating to the content of the information document of securities which are subject to a public savings appeal ;
- Instruction relating to the approval of collective investment organizations management companies (OPC) ;
- Instruction relating to the approval of the depositaries of collective investment organizations (OPC) ;
- Instruction relating to the conditions of approval of the shareholders of the Central African Security Stock Exchange;
- Instruction relating to the conditions and procedure for approval of the central depositary (DC) ;
- Instruction relating to the conditions for issuing ratings.
The Cosumaf explains some of its regulatory choices
Before making them official, The Cosumaf experienced the texts in their “Projects” version with practical actors. In the public consultation report on COSUMAF instructions, published with an unusual but pleasant transparency, The role of certain actors is highlighted. « Several people or structures have taken part in this public consultation, Including professionals established outside the space of CEMAC. Among the participants, In particular, we can cite the association of portfolio management companies in Central Africa (ASGPAC), Lin SootS-Luxemb Ms-Luxembourg, Upline Securities Central Africa (DRY), SG Capital Securities Central Africa, Deloitte Camers, Investors and partners (IETP) and cca-bourse »Explain to the Cosumaf.
So, For the clarity of new texts, A participant has formulated the wish that the definitions of the terms at the start of each investigation be provided and that all the instructions can contain a reminder of the articles of the new general regulation that they complement. The Cosumaf replied that "The proposal for the insertion of an article devoted to definitions is founded. However, insofar as it concerns all instructions, Its consideration could be envisaged during a next revision of said instructions."If this proposal was considered relevant and therefore integrated subject to, Many others have been deemed unfounded.
Also, on the instruction relating to the approval of market intermediaries, A participant makes an observation on the "existence of an instruction relating to the approval of intermediaries and other instructions for each category of intermediary" with the idea that it is necessary to "provide an instruction on each category of intermediary by integrating the annexes required, Or a global instruction defining the specificities of each category of intermediaries. Not both ".
Cosumaf's response tells him that "The instruction is global. It aims to specify the common provisions applicable in terms of approval. However, It does not exclude the adoption of other instructions comprising specific provisions for each categories of intermediaries referred to in the article 145 Regulation n ° 01/22/CEMAC/UMAC DU 21 July 2022. »
As, The texts adopted in early December 2023, allow the new unified market to be activated in liquidity but also in safety, So make way for the actors' game ...
Source: Media Finance rights