Instruction No. 27/2001 on Information Requirements for Market Intermediaries

UNION MONETAIRE OUEST AFRICAINE REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

INSTRUCTION NO. 27/2001 ON INFORMATION REQUIREMENTS FOR MARKET INTERMEDIARIES TO BE TRANSMITTED TO THE REGIONAL COUNCIL

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Whereas the Convention of 3 July 1996 establishing the Regional Council for Public Savings and Financial Markets, hereinafter referred to as the Regional Council, Whereas Article 25 of the Annex to said Convention, concerning the Composition, Organization, Operation and Functions of the Regional Council, Whereas 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 28 November 1997, particularly its Articles 23 to 102, Whereas Decision No. 001/03/98 of the Council of Ministers of the West African Monetary Union in its session on 27 March 1998 amending the provisions of Article 37 of the General Regulation, Whereas Instructions No. 4/97, 5/97, 6/97 and 16/98 of the Regional Council, Whereas the deliberations of the Regional Council in its session on 27 March 2001, THE REGIONAL COUNCIL HAS ADOPTED:

Chapter 1 - Preliminary Provision Article 1: For the purposes of this Instruction, the term "Market Intermediaries" refers to: − Management and Intermediation Companies, − Wealth Management Companies, − Custodian and Clearing Banks, − Business Brokers, Stock Investment Advisors and Approved Sales Representatives of the Regional Council.

Chapter 2 - Annual Information Article 2 Market Intermediaries that are legal persons shall annually transmit to the Regional Council the following documents:

• the annual information form, the template of which is attached as an annex;
• the annual financial statements certified by auditors approved by the Regional Council, including the balance sheet, income statement and supplementary schedules;
• the general report and special report of the auditors;
• the internal controller's report containing a description of the control organization, an inventory of tasks performed in carrying out the mission, observations made by the internal controller and measures adopted following its recommendations;
• the annual management report containing elements to assess the evolution of activity and financial position, future prospects and forecast accounts;
• the minutes of the ordinary general meeting approving the accounts for the financial year. The aforementioned documents must reach the Regional Council within thirty (30) days following the date of the ordinary general meeting called upon to approve the accounts for the financial year.

Article 3 Business Brokers, Stock Investment Advisors and Sales Representatives that are natural persons shall prepare by 31 December each year a report assessing the evolution of their activities, including income received and expenses incurred during the past year. This document must reach the Regional Council no later than 31 January of the following year.

Chapter 3 - Quarterly Information Article 4 Market Intermediaries that are legal persons shall communicate to the Regional Council, no later than one (1) month after the end of each quarter: − the balance sheet, − and the income statement.

Chapter 4 - Occasional Information Article 5 Market Intermediaries that are legal persons shall transmit to the Regional Council the minutes of all meetings of the Board of Directors and General Assemblies, no later than thirty (30) days after the holding of said meetings. Furthermore, they inform the Regional Council of modifications concerning characteristic elements included in the initial approval file, notably regarding shareholding, organization and control.

Chapter 4 - Final Provision Article 6 This Instruction shall be published. Done at Abidjan, on 27 March 2001 For the Regional Council The President Lassana M. SACKO

ANNUAL INFORMATION FORM Financial Year N Financial Year N-1 Closing date of the financial year …./…./…. …./…./…. I. INCOME STATEMENT (OPERATING ACCOUNT)

1. OPERATING INCOME1
2. OPERATING EXPENSES 2.1 Other purchases and external charges (specify nature if at least equal to 10% of turnover) 2.2 Taxes, duties and similar payments 2.3 Labor costs (wages, salaries, social charges) 2.4 Depreciation charges (specify nature if at least equal to 10% of turnover) 2.5 Provision charges (specify nature if at least equal to 10% of turnover) 2.6 Other operating expenses (specify nature if at least equal to 10% of turnover)
3. OPERATING PROFIT/LOSS
4. FINANCIAL PROFIT/LOSS 4.1 Financial income (specify nature if at least equal to 10% of turnover) 4.2 Financial expenses (specify nature if at least equal to 10% of turnover)
5. EXTRAORDINARY PROFIT/LOSS 5.1 Extraordinary income (specify nature if at least equal to 10% of turnover) 5.2 Extraordinary expenses (specify nature if at least equal to 10% of turnover)
6. INCOME TAX ON PROFITS
7. NET PROFIT/LOSS II. ACTIVITY INDICATORS 1 NUMBER OF EMPLOYEES 2 TOTAL NUMBER OF SECURITIES ACCOUNTS 2 2.2 Retail clients 2.3 Institutional and corporate clients 3 NUMBER OF SECURITIES ACCOUNTS UNDER MANAGEMENT MANDATE 3 3.1 Retail clients 3.2 Institutional and corporate clients

Footnotes: 1 Classify the different commissions received by activity type. 2 Management and Intermediation Companies (SGI) & Custodian Banks 3 SGI only