The Banking Commission establishes, for the purposes of this text, the rules relating to the structure and operational procedures of banking services, as well as the legal relationships between regulated institutions and their clients in the context of the provision of banking products and services.
Professional associations of regulated institutions may submit to the COBAC a request for approval of all or part of the codes of conduct they have developed concerning the marketing of banking products and services and customer protection.
The COBAC specifies and publishes unfair commercial practices and clauses commonly applied or likely to be applied in the CEMAC region that are considered abusive within the meaning of this regulation.
The COBAC ensures that regulated institutions comply with the rules aimed at preventing unfair commercial practices and guaranteeing the protection of consumers of banking products and services.
The COBAC's oversight includes, in particular:
- Monitoring the compliance of regulated institutions' commercial practices;
- Monitoring the compliance of contracts, products, and services;
- To monitoring the adequacy of the rules, procedures, and resources implemented by the regulated institutions, as required by Article 19 of these regulations;
- To monitoring the handling of consumer complaints by the regulated institutions;
- To monitoring compliance with ethical rules by the regulated institutions.
The powers of control and investigation of the COBAC are exercised in accordance with the provisions governing the activities of credit institutions, microfinance institutions, and payment institutions.
For the purposes of the preceding article:
- The General Secretariat of COBAC organizes and conducts, on behalf of the Banking Commission, documentary and on-site inspections of regulated institutions with regard to consumer protection;
- The National Economic and Financial Committee monitors the advertising campaigns of regulated institutions, as well as compliance with banking regulations, and reports on these matters to the Banking Commission and the Central Bank;
- The Monetary Authority, the Central Bank, and the National Economic and Financial Committee may refer any breach or malpractice brought to their attention to the Banking Commission.
When the COBAC observes, with regard to a regulated establishment, deficiencies, shortcomings or violations of these regulations, the texts referred to or the texts adopted for their application, it takes all the corrective, restructuring or disciplinary measures provided for by the regulations in force, in particular with a view to sanctioning the shortcomings observed, preserving or restoring normal operating conditions or, where applicable, ensuring the settlement of the establishment's liabilities.
In addition to the sanctions provided for in the texts referred to in the preceding paragraph, the COBAC may, in accordance with applicable regulations, impose a financial penalty on the institution concerned or its directors. The amount of the fine is determined based on the seriousness of the breaches committed and in relation to any benefits or profits derived from these breaches.
Sanctions imposed by the COBAC pursuant to these regulations may be made public.
Any fact that may constitute a criminal offense, discovered during an audit conducted pursuant to these regulations, must be reported by the COBAC to the national judicial authorities.
The COBAC may be consulted for its opinion when, during legal proceedings, the unfairness of a contractual clause is raised.
The competent judge shall request the COBAC, by a decision not subject to appeal, to provide its opinion on the unfairness of this clause. The Banking Commission shall issue its opinion within a maximum of three months from the date of referral. This opinion is final and not subject to appeal.
Any decision on the merits of the case shall be suspended until receipt of the opinion of the COBAC or, failing that, until the expiry of the aforementioned three-month period.
COBAC cooperates with foreign supervisors for the out-of-court settlement of cross-border disputes.
Decisions made by COBAC under this regulation are subject to appeal before the CEMAC Court of Justice, which has sole jurisdiction to hear cases of final instance.
COBAC, BEAC, and the CNEF contribute to educating and raising awareness among consumers of banking products and services regarding financial matters. To this end, they regularly publish, through all appropriate means, impartial information on:
- Consumer protection, rights, and responsibilities;
- The main advantages and risks associated with banking products and services marketed in the CEMAC region;
- Comparative data on the pricing conditions offered by regulated institutions;
- Statistics on consumer complaints and grievances.