Financial Markets: Cooperation and information exchange agreement between CMF and COSUMAF
A new step towards the construction of a single regional financial market, in execution of the decision of the Extraordinary Session of the CEMAC Conference of Heads of State of 31 October 2017 in N’Djamena, Chad, on a unique financial market.
The Chairman of the Financial Market Supervisory Commission of Central Africa (COSUMAF), Mr. Nagoum Yamassoum and the President of the Financial Markets Commission (CMF), Mr. Jean Claude Ngbwa, signed on April 11, 2018, in the premises of the Ministry of Economy, Industry and Public Portfolio of the Congo, a convention of cooperation and exchange of information.
This convention must organize their relations until the completion of the process of merging regional and national financial markets, as decided at the extraordinary session of the Conference of Heads of State of CEMAC held October 31, 2017 in N‘Djamena (Republic of Chad).
The signing ceremony, under the supervision of Mr. Gilbert Odongo, Minister of State for the Economy and Industry of Congo and Chairman of the Steering Committee (COPIL) of the Economic and Financial Reform Program of CEMAC (PREF- CEMAC), was attended by the President of CEMAC, Professor Daniel Ona Ondo, and the Governor of BEAC, Mr. Abbas Mahamat Tolli.
The convention aims to organize and implement between the two regulatory authorities in various forms, the exchange of information, documentation and experiences as well as consultations, and mutual assistance on all subjects of common interest in the organization, operation and regulation of financial activities.
To this end, it enshrines the mutual recognition of visas, approvals, and authorizations relating to operations and market participants, the monitoring and supervision of the effectiveness of technical and operational cooperation between the two stock exchanges of the sub-region.
Source: Financial Afrik