# Instruction N° 12/GR/2019
# On the issuance of foreign securities in the CEMAC
# THE GOVENOR
Mindful of the Statutes of the Bank of Central African States in force;
Mindful of Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 on exchange rate regulation in CEMAC;
Pursuant to Article 191 of the said Regulations,
# HEREBY GIVES THE FOLLOWING INSTRUCTIONS
# Section 1. General Principles
Article 1 - This Instruction specifies the terms and conditions for the issue, advertising, sale or transfer of foreign securities in the CEMAC as well as those relating to transfers outside the country of the proceeds from these operations.
Article 2 - Any operation to issue, advertise and offer for sale or transfer foreign securities in CEMAC for an amount of less than CFAF 50 million shall be declared to the Central Bank and the Central African Financial Market Regulator.
Article 3 - Any operation to issue, advertise and offer for sale or transfer foreign securities in CEMAC for an amount exceeding CFAF 50 million shall be subject to the prior authorisation of the Central Bank, which shall inform the Ministry in charge of currency and credit.
Article 4 - The transfer outside the proceeds of an issue of foreign securities issued in the CEMAC is subject to the authorisation of the Central Bank.
# Section 2. Prior notification of the issue, advertisement and sale or transfer of foreign securities
Article 5 - Any operation to issue, advertise and offer for sale or transfer foreign securities in CEMAC for an amount of less than CFAF 50 million shall be declared to the Central Bank at least 15 days before the planned completion date of the project.
Article 6 - The declaration addressed to the Central Bank shall be accompanied by the following documents:
the information note relating to the transaction in question in the forms defined by the Central African Financial Market Regulator; information relating to the settlement bank; information on the issuer: the prospectus; any other information relating to the proposed amendment.
Article 7 - The Central Bank shall acknowledge receipt of the declaration of the operation and may make its completion subject to prior compliance with exchange regulations and those relating to the fight against money laundering, terrorist financing and proliferation.
# Section 3. Prior notification of the issue, advertisement and sale or transfer of foreign securities
Article 8 - Any operation to issue, advertise and offer for sale or transfer foreign securities in CEMAC for an amount exceeding CFAF 50 million shall be subject to the prior authorisation of the Central Bank.
To this end, the issuer or its agent shall send the Central Bank a request for prior authorisation relating to the proposed operation.
Article 9 - The following documents will accompany the application for approval:
the information note relating to the transaction in question in the forms defined by the Central African Financial Market Regulator: the prospectus: information on the issuer: any contract relating to the operation;