Regulatory Alerts2023-08-24
Instruction No. 19/99 on the Contract for the Management of Listed Securities
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issues Instruction No. 19/99, which mandates that listed securities management mandates exercised by approved wealth management companies, investment firms, and banks must be formalized in a written contract. This contract must explicitly detail the parties' identity and liability, the mandate's objectives and characteristics, communication methods, validity and termination conditions, jurisdictional clauses, signing details, and management fees. Furthermore, the agreement must bear the signatures of both the principal and the agent, ensuring that all entrusted mandates are managed strictly in the clients' best interests.
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