The operations subject to prior authorization are those set forth in Articles 39 and 40 of the Banking Regulation Law, as well as Articles 5 and 7 of Instruction No. 002-03-2018 dated March 21, 2018, concerning specific provisions applicable to credit institutions conducting Islamic finance activities. These operations are as follows :

• the acquisition or disposal of an equity stake resulting in an increase of the holding of a single individual or entity, whether directly or through an intermediary, or of a group of persons acting in concert, first beyond the blocking minority and subsequently beyond the majority of voting rights in the credit institution, or in a reduction of such holding below these thresholds ;
• any change to the legal form, corporate name, or trade name ;
• the transfer of the registered office to another WAEMU Member State ;
• mergers by absorption, the formation of a new company, or demergers ;
• early dissolution ;
• the transfer of more than 20% of assets ;
• the management leasing or the cessation of activities ;
• the expansion of activities of financial institutions of a banking nature ;
• the opening of an Islamic finance branch.

Prior authorizations for the aforementioned operations are granted by the Minister of Finance, subject to the prior approval of the WAMU Banking Commission. The corresponding applications shall be addressed to the Minister of Finance of the applicant's country of establishment and filed with the Central Bank for assessment. Central Bank instructions shall specify the list of documents and information required to complete the application file for each category of transaction.