Regulatory Alerts2023-08-24
Instruction No. 14/98 Amending and Repealing Instruction No. 11/98 on the Control Fee for Settlement/Delivery and Custody Transactions
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issues Instruction No. 14/98 to establish a 5% control fee levied on the Central Depository/Settlement Bank. This fee is calculated on gross revenues from settlement/delivery commissions and "Issuer" affiliation fees, with capital settlements, security deliveries, and related billing constituting the chargeable events. The Instruction simultaneously amends and repeals all prior contrary provisions, specifically superseding the earlier Instruction No. 11/98 effective from September 22, 1998.
WEST AFRICAN MONETARY UNION REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS
INSTRUCTION NO. 14/98 AMENDING AND REPEALING INSTRUCTION NO. 11/98 ON THE CONTROL FEE FOR SETTLEMENT/DELIVERY AND CUSTODY TRANSACTIONS
Whereas the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, hereinafter referred to as the Regional Council, Whereas Article 15 of the annex to said Convention, Whereas Decision No. 001/97 of the UMOA Council of Ministers, in its session of November 28, 1997, adopting the General Regulations on the Organization, Operation and Control of the regional financial market (hereinafter the General Regulations), Whereas Article 2 of Decision No. 003/07/98 of the UMOA Council of Ministers, in its session of July 2, 1998, authorizing the Regional Council to collect levies from certain categories of revenue of the Regional Securities Exchange and the Central Depository/Settlement Bank, Whereas Instruction No. 11/98 on the control fee for settlement/delivery and custody transactions, Whereas the deliberations of the Regional Council, in its session of September 22, 1998, THE REGIONAL COUNCIL HAS ADOPTED:
Article 1: A control fee for settlement/delivery and custody transactions is hereby levied on the Central Depository/Settlement Bank, to the benefit of the Regional Council.
Article 2: The control fee for settlement/delivery and custody transactions is calculated on the gross revenues collected by the Central Depository/Settlement Bank in respect of:
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the settlement/delivery transaction commission,
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the "Issuer" affiliation commission.
Article 3: The chargeable event for the fee is constituted by:
- capital settlements and security deliveries,
- billing of the "Issuer" affiliation commission to issuing companies.
Article 4: The fee rate is set at 5%.
Article 5: All prior provisions contrary to this Instruction are hereby repealed, and in particular Instruction No. 11/98 on the control fee for settlement/delivery and custody transactions.
Article 6: This Instruction shall be published wherever necessary.
Done at Abidjan, September 22, 1998 For the Regional Council The President L. NAKA 2