TERMS AND CONDITIONS FOR APPROVAL AS A CREDIT INFORMATION OFFICE FOR A SUBSIDIARY OF ANOTHER CREDIT INFORMATION THAT HAS HAD ITS APPROVAL WITHDRAWN IN CAMEROON
A subsidiary of a Credit Information Bureau which authorization has been withdrawn has six (6) months from the date of notification of the withdrawal of authorization by the parent company to apply for authorization from the Governor of the BEAC (Bank of Central African States). After this period, the BEAC will automatically revoke the authorization to establish operations.
The application for authorization is processed in accordance with the provisions of Regulation No. 03/18/CEMAC/UMAC/CM and Instruction No. 002/2020 concerning the minimum share capital.
The requested authorization can only be granted if the parent company, which is in liquidation:
- No longer holds any shares in the applicant's capital;
- Or has entered into one or more agreements for the transfer of its shares;
In the event of the liquidation of a Credit Information Bureau, the acquisition of the shares held by the parent company of the Credit Information Office in Cameroon in its subsidiaries is subject to the prior authorization of the BEAC under the conditions set by the provisions relating to the modification of the situations of Credit Information Offices.
The significant participation threshold set by the CEMAC regulation is not taken into account. As such, any transfer must be subject to prior authorization by the BEAC.
When the BEAC has not ruled on the prior authorization request at the time the application for approval is filed, the granting or refusal of approval by the Governor of the BEAC constitutes a decision granting or refusing prior authorization.
The subsidiary continues its activities on the basis of the establishment authorization issued pursuant to Article 38 of Regulation No. 03/18/CEMAC/UMAC/CM, until the granting or refusal of approval by the Governor of the BEAC. During this period, the BEAC may impose limitations on the activities of the Credit Information Office subsidiary in Cameroon.
The granting or refusal of accreditation as a credit information bureau in Cameroon to a subsidiary automatically results in the withdrawal of its establishment authorization.