The Central African Financial Market Surveillance Commission (Cosumaf) is stepping up initiatives aimed at strengthening the regulatory framework and cleaning up stock market activity and fundraising through public offering in the sub-region .
After the decision to ban unauthorized cryptocurrency companies from activity while it consolidates the process regulating this activity, the regulator of the stock market in Central Africa has just knocked its fist on the table. During its ordinary session on October 15, 2021, dealing in particular with the examination of applications for authorization to exercise intermediation activities on the regional market, the Cosumaf college decided to “reject several applications for approval as investment advisor and brokerage firm manager ”. A decision motivated by “the applicants’ lack of professional experience, particularly in the field of market finance and business management”.
According to sources, the regulator certainly scalded by the disorderly eruption of cryptocurrency and whose “the amateurism of the promoters has led to enormous socioeconomic consequences”, has decided to act upstream so as not to be “inundated” by the no. – mastery of the activity of investment advisers and managers of brokerage firms.
It should be said afterwards, the Cameroonian Ministry of Finance had sent a formal notice to these operators, summoning the fundraising companies by public offering which operate outside the regulations to immediately cease their activities. and to reimburse without delay the money collected from the public on pain of sanctions. Citing the fight against money laundering and capital flight, the Monetary Authority threatened to initiate administrative and legal proceedings against unauthorized companies that raise funds through trading on cryptoassets.
During the said session where several files were examined, the College of Cosumaf granted approvals, including “on an individual basis” to Omer Bertin Badang as financial investment advisor and Gilles Cyrille Tchamba as Managing Director of the brokerage firm L’Archer Capital. Also approved were Groupe K & Compagnie as auditor and Crédit du Congo SA as Custodian of a collective investment scheme. In the same vein, an authorization was granted to the mutual fund called “FCP Wafa Assurance CEMAC” and authorized the transformation of the mutual fund “Diversified FCP” into a bond-type investment fund “FCP Asca Horizon” both promoted by the company Asca Asset Management.