Securities and Exchange Commission of Central Africa consults on a new CEMAC-wide book-entry regime extending mandatory registration to listed and unlisted securities including digital assets

The Securities and Exchange Commission of Central Africa (COSUMAF) has launched a public consultation on a draft CEMAC/UMAC regulation to introduce a general regime for book-entry registration of securities and other financial instruments issued in CEMAC member states. The draft would repeal and replace the existing regime, which applies only to instruments issued through a public offering, and extend mandatory book-entry registration to all financial securities and equivalent instruments circulating in Central Africa, whether listed or unlisted and whatever their form. The draft establishes the principle that securities and other financial instruments must be represented by an entry in an account in the name of the owner, held in a securities account maintained by the issuer or a duly licensed intermediary. For digital assets, representation would be through a shared electronic recording system, or an equivalent arrangement, that enables direct or indirect identification of the owner. The proposal is framed as an adaptation to developments in the regional business law environment, including the revised OHADA Uniform Act (article 744-1) requiring book-entry registration for all securities, and aims to harmonise rules on holding, custody and transfer while aligning national custody arrangements to community texts and an integrated regional platform. The consultation runs from 25 April to 4 May 2025. After the deadline, COSUMAF will analyse submissions and publish the corresponding minutes on its website.