Regulatory Alerts2023-08-24
Instruction No. 12/98 Modifying and Cancelling Instruction No. 8/97 on Fee Schedules for Visas, Approvals, and Professional Cards
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issued Instruction No. 12/98 to modify and repeal prior fee schedules, specifically replacing Instruction No. 8/97. The new regulation establishes a tiered per-mille levy structure for public offering visas based on issuance size, sets fixed fees for advertising document visas, and defines specific approval costs for financial entities alongside standardized annual professional card fees. All contrary prior provisions are explicitly abrogated, and the updated schedule takes effect upon publication across the Union.
WEST AFRICAN MONETARY UNION REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
INSTRUCTION NO. 12/98 ON MODIFICATION AND CANCELLATION OF INSTRUCTION NO. 8/97 REGARDING THE FEE SCHEDULE APPLICABLE FOR THE ISSUANCE OF VISAS, APPROVALS, AND PROFESSIONAL CARDS
Whereas the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, hereinafter the Regional Council, Whereas Article 15 of the annex to said Convention, Whereas Decision No. 001/97 of the Council of Ministers of the West African Monetary Union, in its session of November 28, 1997, adopting the General Regulations on the Organization, Operation, and Supervision of the Regional Financial Market of the UMOA, hereinafter the General Regulations, Whereas Decision No. 001/03/98 of the Council of Ministers of the West African Monetary Union, in its session of March 27, 1998, modifying the provisions of Article 37 of the General Regulations, Whereas Article 4 of Decision No. 002/07/98 of the Council of Ministers of the West African Monetary Union, in its session of July 2, 1998, adopting the budget for the fiscal years 1997 and 1998 of the Regional Council for Public Savings and Financial Markets, Whereas Articles 90 to 110 of the General Regulations, Whereas Instruction No. 16/98 authorizing banks of the Union to perform the functions of account keeper and clearing agent, Whereas Instruction No. 8/97 regarding the fee schedule applicable for the issuance of visas, approvals, and professional cards, Whereas the deliberations of the Regional Council in its session of September 22, 1998,
THE REGIONAL COUNCIL HAS ADOPTED: Article 1: The fee schedule applicable by the Regional Council for granting visas is set as follows: a) Visas for public offerings:
- 3‰ for issuances between 1 and 10 billion FCFA,
- 2.5‰ for issuances between 10 and 20 billion FCFA,
- 2‰ for issuances exceeding 20 billion FCFA. The calculation of these levies for visas is performed per tranche and not on the total issuance amount. For issuances of 1 billion FCFA or less, the levy is 1‰ of the issuance amount. b) Visas for any advertising documents issued in the context of a public offering: 100,000 FCFA per document
Article 2 The fee schedule applicable by the Regional Council for approving entities and granting professional cards is set as follows: a) Approval of entities:
- Regional Securities Exchange: 20,000,000 FCFA
- Central Depository/Settlement Bank: 15,000,000 FCFA
- SGI: 2,000,000 FCFA
- Banks: 2,000,000 FCFA
- Wealth Management Companies: 1,000,000 FCFA
- Business Introducers, Sales Agents, Securities Investment Advisors:
- legal entities: 400,000 FCFA
- natural persons: 200,000 FCFA b) Professional cards:
- per card and per year: 250,000 FCFA 2
Article 3 All prior provisions contrary to this Instruction are hereby repealed, particularly Instruction No. 8/97 regarding the fee schedule applicable for the issuance of visas, approvals, and professional cards.
Article 4 This Instruction shall be published wherever necessary. Done at Abidjan, September 22, 1998 For the Regional Council The President L. NAKA 3