Instruction No. 24/99 on the Information Note for Collective Investment Funds in Securities

WEST AFRICAN MONETARY UNION REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

INSTRUCTION NO. 24/99 ON THE INFORMATION NOTE FOR COLLECTIVE INVESTMENT FUNDS IN SECURITIES

Pursuant to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, hereinafter referred to as the Regional Council, Pursuant to Articles 18 to 20 of the Annex to said Convention, Pursuant to the General Regulation 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, Pursuant to Articles 72 to 89 of said General Regulation, Pursuant to the decision of the Regional Council in its session on September 14, 1999, THE REGIONAL COUNCIL HAS ADOPTED:

Article 1: The information note prepared by Collective Investment Funds in Securities (OPCVM) must include the following details:

• regarding the structure of the OPCVM,
• regarding the management of the OPCVM,
• regarding the administrative and financial conditions of the OPCVM;

Article 2: Details relating to the identification of the OPCVM:

• classification of the OPCVM,
• name of the OPCVM,
• legal form,
• identification of the promoter,
• management company, if applicable,
• financial management by delegation, if applicable,
• depositary and/or designated institution for: • holding the securities, • receiving subscriptions and redemptions,
• appointment of the statutory auditor (approved by the Regional Council for Public Savings and Financial Markets).

Article 3: Details relating to the management of the OPCVM: • nature of the OPCVM (SICAV or FCP),

• investment orientation (market, market risks),
• recommended minimum holding period,
• eligible subscribers,
• allocation of results: capitalization or distribution (in the latter case, periodicity of result distribution must be specified).

Article 4: Details relating to the administrative and financial conditions:

• operating procedures of the OPCVM,
• subscription and redemption terms for shares or units,
• maximum subscription and/or redemption fees,
• maximum or actual management fees.

Article 5: The information note must specify the precise contact details of the main management bodies:

• the SICAV or management company, if delegated management applies,
• the depositary and/or designated institution(s) for receiving subscriptions and redemptions (if different from the depositary). The address where the latest periodic documents of the OPCVM can be consulted must also be specified.

Article 6: The information note must indicate the approval date of the Collective Investment Fund in Securities and the issuance date of the first information note bearing the visa of the Regional Council. The complete information note must be made available to the public prior to any subscription; it must further specify:

• the end date of the financial year,
• the initial net asset value (NAV),
• the date and frequency of NAV calculation,
• the place and method of NAV publication,
• the address of the OPCVM.

Article 7: This instruction shall be published in the bulletin of the Regional Council.

Done at Cotonou, on September 14, 1999 For the Regional Council The President L. NAKA