Under the terms of Article 4 of WAMU Regulation No. 06/2013 CM/UEMOA on Bills and Bonds issued by auction or syndication with support from Agence UMOA-Titres, primary subscription of treasury bills and bonds is restricted to credit institutions, brokerage firms and financial institutions having a settlement account with the Central Bank of West African States (BCEAO).

All other investors, including all private individuals and legal entities, whatever State territory they are established on, may also subscribe to treasury bills and bonds on the primary market through credit institutions or brokerage firms located within the territory of the Union.