Regulatory Alerts2023-08-24
Instruction No. 25/99 on the Application of Instruction No. 13/98 and Repeal of Articles 1 and 2
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union has issued Instruction No. 25/99 to apply previous regulations and repeal Articles 1 and 2 of Instruction No. 13/98. This directive mandates that the securities market supervision fee be calculated based on capitalization commissions paid by issuers and brokerage fees collected by Securities Management and Intermediation Companies (SGI). Furthermore, it requires SGI entities to remit these fees directly to the Regional Council effective upon signature and publication.
WEST AFRICAN MONETARY UNION REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
INSTRUCTION NO. 25/99 ON THE APPLICATION OF INSTRUCTION NO. 13/98 AND REPEAL OF ITS ARTICLES 1 AND 2
Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, hereinafter referred to as the Regional Council; Having regard to Article 15 of the Annex to said Convention; Having regard to the General Regulations on the Organization, Operation and Supervision of the Regional Financial Market of the UMOA, adopted by Decision No. 001/97 of the Council of Ministers on November 28, 1997; Having regard to Article 2 of Decision No. 003/07/98 of the UMOA Council of Ministers, in its session of July 2, 1998, setting the remuneration rates for the Regional Council regarding the regulation and supervision of the Regional Financial Market; Having regard to Instruction No. 13/98 modifying and annulling Instruction No. 10/98 concerning the control fee for stock exchange operations; Having regard to Articles 1 and 2 of Instruction No. 13/98; Having regard to the deliberations of the Regional Council in its session of December 16, 1999;
THE REGIONAL COUNCIL HAS ADOPTED: Article 1: The control fee for stock exchange operations is calculated based on the capitalization commission paid by issuers and on the brokerage fees collected by Securities Management and Intermediation Companies (SGI). Article 2: The payment to the Regional Council of the control fee for stock exchange operations is made directly by Securities Management and Intermediation Companies (SGI).
Article 3: Articles 1 and 2 of Instruction No. 13/98 modifying and annulling Instruction No. 10/98 concerning the control fee for stock exchange operations are hereby repealed. Article 4: This Instruction, applicable from the date of its signature, shall be published. Done at Lomé, on December 16, 1999 For the Regional Council The President L. NAKA 2