Undertakings for Collective Investment in Transferable Securities (UCITS) in Cameroon are a standardized regulatory framework created by the Law No. 2016/010 of 12 July 2016 for investment funds. Designed to protect retail investors, UCITS funds pool capital to invest in highly liquid assets like stocks and bonds and can be marketed across borders.
Assets of an undertaking for collective investment in transferable securities shall comprise of all the liquid assets and transferable securities posted on the assets side of the balance sheet.
The establishment and transformation of an UCITS shall be subject to authorization by the Financial Market Commission.
The conditions for obtaining authorization to carry out the operations of Undertakings for Collective Investment in Transferable Securities (UCITS) shall be defined by a regulation of the Financial Market Commission.
The refusal of such authorization by the Financial Market Commission must be justified.
The authorization to operate may be withdrawn from any UCITS by a reasoned decision of the Financial Market Commission.
The applicant shall reserve the right of recourse provided for by the laws and regulations in force.
The liquidation of a UCITS shall be subject to authorization by the Financial Market Commission.
The UCITS, the management company and the depositary shall, in the performance of their respective duties, act independently and solely in the interest of subscribers.
They UCITS shall produce sufficient guarantees regarding their organization, technical and financial resources, as well as the integrity and experience of their managers.
The shares of Open-Ended Investment Companies (SICAVs) and units of Mutual Funds may be listed for trading on a regulated transferable securities market approved by the Financial Market Commission under the conditions laid down by law.
The creditor whose certificate of indebtedness stems from the custody or management of the assets of a UCITS shall have an interest only in such assets.
The creditor of the depositary may not seek payment of his debts from the assets of a UCITS kept by the said depositary.