Download memorandum - Africa Newsroom

COMMISSION DE SURVEILLANCE
DU MARCHE FINANCIER
DE L’AFRIQUE CENTRALE
M E M O R A N D U M
ABOUT COSUMAF
In accordance with the legal provisions governing the CEMAC Financial Market, the
Central African Financial Market Supervisory Commission (COSUMAF), in its capacity
as the authority responsible for supervising, regulating and monitoring the market, has
three primary tasks. It ensures:



the protection of savings invested in securities and other financial instruments
issued by public offering;
the provision of information to investors;
the proper functioning of the Market.
COSUMAF thus monitors the following:








issuers of securities;
Proceedings for the issuing of securities;
market bodies (the Central African Stock Exchange and the Central Securities
Depository);
market intermediaries (brokerage firms and their approved representatives,
banks providing the services regulated by COSUMAF, financial investment
advisers, lobbyists);
investors involved with procedures for public offerings;
any person involved in the operation of the Regional Financial Market;
public tenders;
collective investment undertakings and their management companies.
In order to ensure the efficient operation of the Market, COSUMAF has been granted
broad powers by the CEMAC Member States.
- Regulatory power
1
COSUMAF's regulatory power is exercised via the establishment of regulations, the
adoption of guidelines, circulars, notices, recommendations and statements.
- Decision-making power
This power enables COSUMAF to issue authorisations and approvals for the entities
and procedures allowed on the Market and to take various individual measures.
- Market surveillance power
Market surveillance power enables COSUMAF to oversee the operation of the market
with the aim of detecting market offences or any suspect behaviour (insider trading,
price manipulation, dissemination of false or misleading information, use or
communication of inside information), with market transactions monitored in real time.
- Market player monitoring power
COSUMAF has wide-ranging powers to order checks or investigations, in particular
regarding market bodies, market intermediaries, and issuers. Checks and
investigations are conducted based on both records and on an on-the-spot basis.
- Injunction and sanctioning power
The power of injunction makes it possible, in particular, for COSUMAF to order any
entity involved in a regulation-breaching practice to desist.
COSUMAF has the general power to impose sanctions on any person subject to its
supervisory and monitoring procedures in the event that the person in question is
involved in an irregular practice.
COSUMAF'S ORGANISATION
COSUMAF is an association of 12 individuals, including:



a President, appointed by the CEMAC Heads of State Conference;
11 members appointed by the UMAC Ministerial Committee on the basis of their
recognised expertise in accounting, financial and legal matters.
The President is assisted by a Secretary General appointed by the UMAC
Ministerial Committee;
COSUMAF is divided into four departments as follows:

Administrative and Financial Department

Department of Legal Affairs, Regulations and International Relations

Issuers Department

Market and Players Department
2
CEMAC FINANCIAL MARKET PLAYERS
The financial market players consist of central market structures and market
intermediaries also known as brokerage firms (Sociétés de Bourse, SDB).
Central structures of the Financial Market:

Central African Stock Exchange (BVMAC)

Central Securities Depository

Settlement Bank (BEAC)
Brokerage firms:

BGFI Bourse

EDC Investment Corporation

La Financière SA

FINANCIA Capital

LCB Capital
Management Firms:

Corridor Asset Management
CEMAC'S OPERATIONS ON THE FINANCIAL MARKET
Between 2008 and 2015, the total funds raised on the financial market came to more
than one thousand (1000) billion CFA via the issuing of bonds. The initial public offering
of the company SIAT Gabon opened the "shares" section of the regional stock
exchange on 3 September 2013.
THE COSUMAF ASSOCIATION
The COSUMAF Association (Collège de la COSUMAF) is the institution's decisionmaking body. Its meetings are convened in the capitals of CEMAC countries on a
rotating basis.
A press release is published at the end of each meeting to inform the public of any
decisions taken.
3