Circulaire 003/GR/2020 · Instruction n°003/GR/2020

Le décret fixe les conditions et modalités de réalisation des opérations relatives aux investissements directs et de portefeuille avec l'étranger. Il définit les procédures de déclaration, d'autorisation et de contrôle de ces opérations, ainsi que les obligations des investisseurs et des intermédiaires financiers. Le texte précise également les sanctions applicables en cas de non-respect des dispositions.

INSTRUCTION NO. 003 /GR/2020

Specifying the conditions and modalities for carrying out operations relating to direct and portfolio investments with foreign countries

THE GOVERNOR,

Having regard to the Statutes of the Bank of Central African States in force;

Having regard to Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 on foreign exchange regulations in CEMAC;

Having regard to Regulation No. 01/CEMAC/UMAC/CM of 11 April 2016 on the prevention and suppression of money laundering and terrorist financing and proliferation;

Pursuant to Article 17 of the said Regulation, ## HEREBY ISSUES THE FOLLOWING INSTRUCTION:

Article 1. - This Instruction defines the conditions and modalities for carrying out operations relating to direct and portfolio investments with foreign countries.

Article 2. - Direct and portfolio investments with foreign countries are free.

Title I. - Foreign Direct Investments

Article 3 - The following are considered as direct investments

the acquisition of holdings or subscriptions of shares in existing or new companies for amounts representing at least 10% of the capital of the investment company

acquisitions of real estate;

investments in a company under the control or indirect influence of the investment firm, in related companies as well as debts between related companies, with the exception of those between credit institutions.

Section 1. - Inward Direct Investments

Article 4. - Direct investments from abroad in CEMAC are declared by the investor or his agent to the Central Bank and the Ministry in charge of money and credit at least 30 days before they are made.

Article 5. - The transfer of the proceeds of the liquidation or disposal of Foreign Direct Investments in CEMAC is declared to the Central Bank and the Ministry in charge of money and credit at least 30 days before it is carried out.

Article 6. - Upon receipt of the declaration referred to in Articles 3 and 4 of this Instruction, the Central Bank shall examine their conformity, in particular with regard to foreign exchange regulations and regulations relating to the fight against money laundering and the financing of terrorism.

At the end of this examination, the Central Bank takes note of the declaration if it complies with the provisions referred to in the first paragraph of this Article. Failing this, BEAC may request additional information, require the implementation of additional measures to ensure the compliance of the reported operation or oppose the implementation of the said operation.

Article 7 - Credit institutions shall execute requests for the transfer of proceeds from the liquidation or disposal of investments on the basis of a transfer file containing the supporting documents required for the execution of the operation, proof of the prior declaration of the operation to be carried out to BEAC and the Ministry in charge of money and credit.