Prudential Framework Applicable to Credit Institutions and Financial Companies in the West African Monetary Union

WEST AFRICAN MONETARY UNION DECISION No 2016/06/24/CM/UMOA ON THE PRUDENTIAL FRAMEWORK APPLICABLE TO CREDIT INSTITUTIONS AND FINANCIAL COMPANIES OF THE WEST AFRICAN MONETARY UNION (UMOA)

THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION (UMOA), Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007, particularly Articles 10, 11, 12, 14, 15, 17 and 34; Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty of 20 January 2007, particularly Articles 9, 10, 30, 42, 59 and 60; Having regard to the Convention governing the UMOA Banking Commission of 6 April 2007 and its Annex; Having regard to the Uniform Act on banking regulation, particularly Article 56; Having regard to the BCEAO Note regarding the prudential framework applicable to credit institutions and financial companies of the UMOA, submitted to the Council of Ministers during its ordinary session on 24 June 2016; Having regard to the Deliberations of the Council of Ministers during its ordinary session on 24 June 2016, DECIDES:

Article 1: The prudential framework applicable to credit institutions and financial companies of the West African Monetary Union, annexed to this Decision and forming an integral part thereof, is hereby adopted.

Article 2: The Central Bank of West African States (BCEAO) and the UMOA Banking Commission are each responsible, within their respective competences, for implementing this Decision.

Article 3: This Decision repeals and replaces all prior provisions contrary to the same subject matter.

It shall enter into force on 1 January 2018 and shall be published where necessary.

Done at Lomé, on 24 June 2016

For the Council of Ministers of the West African Monetary Union, The President Amadou BA Minister of Economy, Finance and Planning of the Republic of Senegal