Regulatory Alerts2023-08-24
Circulation No. 01/2010 on the Standardization of Fee Schedules for Commercial Participants in the Regional Financial Market
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) mandates that commercial participants in the UMOA regional financial market—including Management and Intermediation Companies, Account-Keeping/Conservation Banks, and Collective Investment Fund Managers—standardize their fee schedules according to prescribed models. These entities must submit their newly structured fee grids, detailing commissions and client charges calculated on specified bases such as transaction amounts or portfolio values, to the Regional Council for approval within two months of the circulation's signature. The directive ensures harmonized pricing structures across primary and secondary market operations, account services, and fund management activities.
West African Monetary Union crepmf Regional Council for Public Savings and Financial Markets
CIRCULATION NO. 01/2010
ON THE STANDARDIZATION OF FEE SCHEDULES FOR COMMERCIAL PARTICIPANTS IN THE REGIONAL FINANCIAL MARKET
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) wishes to inform Management and Intermediation Companies (SGI), Account-Keeping/Conservation Banks (BTCC), and Management Companies for Collective Investment in Securities Funds (SGO) of the UMOA regional financial market that, pursuant to Articles 63, 152, and 154 of the General Regulation on the organization, operation, and supervision of the regional financial market, various commissions as well as fees charged to their clients must be approved by the Regional Council.
To ensure harmonization of the fee structure submitted to CREPMF, fee schedules must be prepared according to the attached models.
The concerned commercial participants have a period of two months from the date of signature of this circulation to submit their new fee schedules to the Regional Council for approval.
Done at Abidjan, on February 15, 2010
The General Secretary [Signature] Mr. Kossi AMENOUNVE
P. J. : Fee schedules
1. STANDARDIZED FEE SCHEDULE FOR MANAGEMENT AND INTERMEDIATION COMPANIES (SGI)
| CATEGORY | CALCULATION BASIS |
|---|---|
| PRIMARY MARKET OPERATIONS | |
| Structuring and arrangement commissions for financial market operations | Amount raised |
| Securities placement commission | Amount placed |
| Placement guarantee commission (Firm commitment) | Firm commitment amount |
| Stock exchange listing fees | Fixed fee |
| SECONDARY MARKET OPERATIONS | |
| Market making / liquidity mechanism commission | Contractual |
| Brokerage commission on ordinary transactions | Transaction amount |
| Brokerage commission on buy/sell operations | Buy/sell transaction amount |
| Brokerage commission on order-based transactions | Order-based transaction amount |
| SECURITY CONSERVATION AND ACCOUNT KEEPING | |
| Conservation commission | Value of the portfolio of assets conserved |
| Account keeping fees | Fixed fee per line |
| Mandate management commission | Value of the portfolio under management |
| OTHER SERVICES | |
| Securities transfer commission | Fixed fee per line |
| Securities pledge commission | Fixed fee per line |
| Account opening fees | Fixed fee |
| Account closure fees | Fixed fee |
2. STANDARDIZED FEE SCHEDULE FOR WEALTH MANAGEMENT COMPANIES (SGP)
| CATEGORY | CALCULATION BASIS |
|---|---|
| Mandate management commission | Value of the portfolio under management |
3. STANDARDIZED FEE SCHEDULE FOR ACCOUNT-KEEPING / CONSERVATION BANKS (BTCC)
| CATEGORY | CALCULATION BASIS |
|---|---|
| ACCOUNT KEEPING / CONSERVATION SERVICE | |
| Conservation commission | Value of the conserved portfolio |
| Account keeping fees | Fixed fee per line |
| OTHER SERVICES | |
| Securities transfer commission | Fixed fee per line |
| Securities pledge commission | Fixed fee per line |
| Account opening fees | Fixed fee |
| Account closure fees | Fixed fee |
4. STANDARDIZED FEE SCHEDULE FOR COLLECTIVE INVESTMENT IN SECURITIES FUNDS MANAGEMENT COMPANIES (SGO)
| CATEGORY | CALCULATION BASIS |
|---|---|
| Subscription commission | Value of subscribed shares/units |
| Redemption commission | Value of redeemed shares/units |
| Management fees | Value of managed assets |