After the physical and institutional merger of the two stock exchanges, the CEMAC financial market should see a new upswing. On July 21, in Douala, the members of the Ministerial Committee of the Central African Monetary Union (UMAC) unanimously adopted the UMAC-CEMAC resolution on the organization and functioning of the Central African financial market. Consecration in accordance with the permission issued by the Board of Directors of the IBC at a regular meeting the day before. To enter into force, the new regulation must be promulgated by the CEMAC Commission. Like the constitution of a state, this text is the legal basis of the financial market, on the basis of which from now on the implementation texts that regulate each area of activity will be drawn up.
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The text developed by Cosumaf brings modernity to the CEMAC market by canceling the text of November 12, 2022. The idea is to provide investors with more investment opportunities and create new sources of financing for companies in the sub-region. “Any new products that we deem compatible with the community ecosystem will be monitored. We have been working on this text for over 2 years to make these structures and new products safe for CEMAC investors,” Ambassador Nagum Yamassum, President of Cosumaf, told EcoMatin in October 2021 on the sidelines of the International Investor Week in Douala.
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In particular, Cosumaf’s field of activity will be expanded by integrating new types of digital financial instruments such as cryptocurrencies. For now, the regulator has been content to warn investors against the risks inherent in these products, which abound in CEMAC. The new rules will not only set limits but, above all, give Cosumaf very broad powers to suppress the recalcitrant, explains a manager at the facility.
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In addition, the text expands the range of collective investment instruments. Until now, only Transferable Securities Collective Investment Schemes (UCITS) have been permitted. From now on, Real Estate Collective Investment Schemes (OPCI), capital investment organizations, securitization and crowdfunding organizations, etc. will be controlled. Structures such as rating agencies that did not appear in the nomenclature of structures approved by Cosumaf will now be.