Regulatory Alerts2012-12-14
Decision No. CM/UMOA/020/12/2012 Adopting the Uniform Law Project on Disputes Concerning Infractions to the Regulation of External Financial Relations and Two Application Decrees
The Council of Ministers of the West African Monetary Union (UMOA) adopted a uniform law project and two application decrees to regulate disputes and infractions related to external financial relations among member states. This decision mandates that UMOA member states incorporate these legal instruments into their respective internal legal orders. The Governor of the Central Bank of West African States (BCEAO) is tasked with monitoring the implementation of this decision, which entered into force upon its signature on December 14, 2012.
WEST AFRICAN MONETARY UNION DECISION NO. CM/UMOA/020/12/2012 ADOPTING THE UNIFORM LAW PROJECT ON DISPUTES CONCERNING INFRACTIONS TO THE REGULATION OF EXTERNAL FINANCIAL RELATIONS OF THE MEMBER STATES OF THE WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA) AND TWO PROJECT DECREES FOR IMPLEMENTATION
THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION (UMOA)
Having regard to the Treaty of the West African Monetary Union (UMOA), dated January 20, 2007, particularly Articles 10, 11, 15, 17, and 34 thereof,
Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty, dated January 20, 2007, particularly Articles 42, 43, 44, and 60 thereof,
Having regard to Regulation No. 09/2010/CM/UEMOA relating to the external financial relations of the member states of the West African Economic and Monetary Union (UEMOA), dated October 1, 2010, particularly Article 16 thereof,
Having regard to Decision No. CM/UMOA/019/12/2012 of December 14, 2012, establishing the rules of procedure for the Council of Ministers of the UMOA pending the formation of the new government of the Republic of Mali,
Having regard to the note from the BCEAO presented to the Council of Ministers during its ordinary session held in Niamey on December 14, 2012, regarding the uniform law project on disputes concerning infractions to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA),
Having regard to the deliberations of the Council of Ministers during its ordinary session held in Niamey on December 14, 2012,
HEREBY DECIDES:
Article 1: The following are adopted and annexed to this Decision, forming an integral part thereof:
• The uniform law project on disputes concerning infractions to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • The uniform project decree establishing the conditions for accepting a settlement prior to the initiation of judicial action in the context of prosecutions for infractions to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • The uniform project decree establishing the composition, powers, and functioning of the Commission for disputes concerning infractions to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA).
Article 2: The member states of the UMOA shall take the necessary measures to incorporate the uniform law on disputes concerning infractions to the regulation of external financial relations of the member states of the UMOA, as well as the two implementing decrees referred to in Article 1 of this Decision, into their respective internal legal orders.
Article 3: The Governor of the BCEAO is charged with monitoring the implementation of this Decision.
Article 4: This Decision shall enter into force as of the date of its signature and shall be published wherever necessary.
Done in Niamey, on December 14, 2012
For the Council of Ministers of the West African Monetary Union, The President, Adji Otèth AYASSOR
The Minister of Economy and Finance of the Togolese Republic