Convention of 16 October 1990 creating the Commission Bancaire de l'Afrique Centrale; Convention of 17 January 1992 on the harmonisation of banking regulation
The regional banking supervisor for the CEMAC states, whose members were installed on 22 January 1993. The BEAC Governor chairs it; the eleven other members are seven state commissioners, three BEAC censors and a representative of the French Banking Commission.
What they do
COBAC checks that credit institutions respect the rules that apply to them, issues prudential and accounting regulations, carries out on-site and off-site inspections and issues binding opinions on licensing. It can impose sanctions ranging from warnings and reprimands to bans on operations, removal of managers and auditors, and withdrawal of a licence.
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