In the CEMAC zone, the regulation on the organization and operation of the Central African market, adopted on July 18, 2024 and made public on October 2, 2024, gave rise to a new pricing applicable to the Central African Financial Market Supervisoy Commission CONSUMAF and to the persons, structures or organizations subject to its control. This new grid made public by Jacqueline Adiaba-Nkembe, President of CONSUMAF, replaces that of 2020.
In detail at the primary market level, the maximum rate of commissions on the structuring and arrangements of operations of Stock Exchange Companies (SDB) previously set at 2% in the past is to date at 1.75% of the amount raised. The placement and the firm are now set at a maximum of 1% in terms of commissions against 1.25% and 0.75% in the past. The Lead Manager for stock market introductions cannot ask for more than 0.30% from the issuer.
Regarding the secondary market, brokerage cannot exceed a pricing of more than 0.5% of the amount compared to 1% previously. The management fees under mandate for Collective Investment Organizations (OPC) are set at 0.10%. The fees for maintaining financial securities accounts are 0%, as are the cases of transfers of securities. The same applies to commission fees for opening securities accounts.
As for the pledging of securities, SDBs can now charge between 0.20% and 0.05% depending on the amounts. Stock market orders, research fees, certificates and statements amount to 2,500 FCFA.
The new Cosumaf pricing also states that management fees are now set at 2% excluding tax of the net assets for equity mutual funds; 1.5% for other mutual funds and 3% for management under mandate. The IPO commission fees are 0.08% and 0.04% for bond issues. The brokerage commission applicable to SDBs is 0.3% and the annual head office fee applicable is 2,000,000 FCFA.
As for approval fees, national securities custodians will pay 25,000,000 FCFA and stockbroking firms 7.5 million FCFA compared to 5 million in the past. To obtain their approvals, depositaries of collective investment organizations (OPC) will pay 2 million FCFA compared to 10 million FCFA in 2020.
