After the physical and institutional unification of the two exchanges, the CEMAC financial market should see new progress. On 21 July in Douala, the members of the Ministerial Committee of the Central African Monetary Union (UMAC) unanimously adopted the UMAC-CEMAC regulation on the organization and functioning of the Central African financial market. A consecration in application of the assent issued by the Board of Directors of the Beac met in ordinary session the day before. To enter into force, the new regulation is waiting to be promulgated by the CEMAC commission. Like the constitution for a state, this text is the legal basis of the financial market on the basis of which the implementing texts governing each sector of activity will be drawn up from now on.
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Developed by Cosumaf, the text brings an air of modernity to the CEMAC market by repealing that of November 12, 2022. The idea is to give greater investment opportunities to investors and create new sources of financing for companies in the sub-region. “Any new products that we believe are compatible with the community ecosystem will be supervised. We have been working on this text for more than 2 years to make these structures and new products safe for CEMAC investors “confided in October 2021 to EcoMatin, Ambassador Nagoum Yamassoum, President of Cosumaf, on the sidelines of the international investor week in Douala.
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Specifically, Cosumaf’s field of intervention will be expanded to integrate new types of digital financial instruments such as cryptocurrencies. On this point, the regulator contented itself with warning investors of the risks inherent in these products that abound in CEMAC. The new legislation will not only define the framework, but also and above all will give Cosumaf powers of repression of the very large recalcitrant, explains a manager of the institution.
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Furthermore, the text broadens the range of collective investment vehicles. Until now, only undertakings for collective investment of transferable securities (UCITS) were authorized. From now on, real estate collective investment schemes (OPCI), capital investment organizations, securitization and crowdfunding organizations, etc. they will now be supervised. Structures such as rating agencies that were not included in the nomenclature of structures approved by Cosumaf will now be.