Abidjan hosted this Thursday, a workshop for exchanges and validation of draft texts resulting from the
reform. Mamadou Ndiaye, President of the Regional Council for Public Savings and Financial Markets
(Crepmf), underlined that the conviction is to make the regional financial market an essential lever for
the financing of economies, that the new market reforms have been adopted by the Council of
Union ministers in March 2016.
Also, as part of these reforms, he said, the World Bank through the Joint Capital Markets initiative
Program, agreed to support the regional financial market around actions aimed at strengthening and
expanding the investor base, promoting and popularizing new media
of investment and the reinforcement of the operational framework of the Regional Council in order to enable it to better
carry out its missions.
Specifically, explains Mr. Ndiaye, it involved reviewing the basic texts governing the
functioning of our market, and which were the subject of consultation with the players from the workshops
held on July 8 and 9, 2019 in Abidjan.
These texts relate to issues of public securities by syndication; public offering on the market
regional financial; private placement; the financial communication of companies making public calls on
savings; segregation of customer cash assets; internal control; and the establishment of
prudential standards of regional financial market players but also on innovative projects
relating to the promotion of private equity, green, social and sustainable bonds as well as the
establishment of an Investor Protection Fund.
“The improvements expected from these new regulatory frameworks should bring more dynamism,
transparency, security, attractiveness, and therefore competitiveness in our financial centre,
there is no doubt that the shared views of the experts that you are will allow the validation of texts
modernist and suitable to achieve these goals,” he added in his statement.
At the institutional level, the change of name of the Regional Council for Public Savings and
financial markets in the Autorité des marchés financiers (Amf - Umoa) continues with the process of
ratification initiated.
According to him, to meet the challenges related to the development of the regional financial market, the Regional Council
intends to intensify, over the next few years, the reforms undertaken for better financing of
UMOA economies.