BCEAO Instruction No. 002-01-2017 on Processing Individual Nationality Waivers for Decentralized Financial System Executives

---

The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (WAMU) dated January 20, 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States, annexed to the WAMU Treaty dated January 20, 2007, particularly Articles 30 and 59; Having regard to the Uniform Act on the regulation of decentralized financial systems, particularly Articles 28, 29, 30, 31, 78, 79 and 147; Having regard to the implementing Decree of the Act on the regulation of decentralized financial systems, particularly Articles 13, 15 and 16, DECIDES

Article 1: Subject Matter
This instruction aims to specify the procedures for processing individual nationality waiver requests in favor of executives of a decentralized financial system (SFD), who are not nationals of a WAMU member state. The individual nationality waiver is granted by the Minister in charge of Finance of the state where the SFD is established.

Article 2: Documents Constituting the Waiver Application File
The waiver application file includes:

• a written request from the SFD addressed to the Minister in charge of Finance of the member state where the headquarters is located, along with the documents and information listed in Annex 1 of this instruction;
• a sworn declaration attesting to the accuracy of the information provided regarding the interested party, with the standard template shown in Annex 2 of this instruction.

Avenue Abdoulaye FADIGA
BP 3108 – Dakar - Sénégal
Tél. : (221) 33 839 05 00 / Fax : (221) 33 823 93 35 www.bceao.int INSTRUCTION NO. 002-01-2017 ON THE PROCEDURES FOR PROCESSING INDIVIDUAL NATIONALITY WAIVER REQUESTS The Governor

The documents and information constituting the nationality waiver application file are prepared in French.

Article 3: Procedure for Processing the Waiver Request
The nationality waiver application file is submitted in duplicate to the Ministerial Monitoring Structure of the state hosting the headquarters.
Upon receipt of the complete file, the Ministerial Monitoring Structure has one month to process it and transmit it to the Central Bank with its observations and proposed follow-up for the request. The Central Bank has one month, from the date of receipt of the request, to examine the file and communicate its opinion to the Ministerial Monitoring Structure.

Article 4: Supplementary Documents or Information
The Ministerial Monitoring Structure and the Central Bank may request any supplementary documents or information they deem useful for processing the file.
The applicant has a maximum period of one month, from the date of acknowledgment of receipt of the letter from the Ministerial Monitoring Structure or the Central Bank, to submit the supplementary documents or information referred to in the first paragraph above. Any request for supplementary information necessary for processing the file suspends the calculation of the time limits set forth in Article 3 of this instruction. Upon expiration of the one-month period set forth in the second paragraph above and in the absence of submission of all required documents and information, the request is rejected by the Ministerial Monitoring Structure, with notification to the applicant.

Article 5: Equivalence to Nationals of a Member State
Nationals of countries that have signed with a WAMU member state a convention providing for equivalence to nationals or a reciprocity convention are exempt from the nationality waiver requirement. Non-nationals of a WAMU member state, nominated to serve as executives, who claim the benefit of an establishment convention or equivalence to nationals, must provide written proof to the monetary and supervisory authorities before assuming their functions with a Union SFD.

Article 6: Transmission Method
The nationality waiver application file is submitted to the Ministerial Monitoring Structure on paper. In addition to paper, the file may also be submitted electronically.

Article 7: Sanctions
The exercise of executive functions without having obtained the nationality waiver is sanctioned in accordance with the provisions of the Uniform Act on the regulation of SFDs.

Article 8: Miscellaneous Provisions
SFDs are required to bring the content of this instruction to the attention of directors, executives, and auditors before they assume office.
Individual waivers granted prior to the entry into force of this instruction remain valid within the Union.

Article 9: Entry into Force
This instruction, including its annexes which form an integral part thereof, enters into force on the date of its signature.
It shall be published wherever necessary.

Done in Dakar, on January 17, 2017
Tiémoko Meyliet KONE

ANNEXES TO INSTRUCTION NO. 002-01-2017 ON THE PROCEDURES FOR PROCESSING INDIVIDUAL NATIONALITY WAIVER REQUESTS

ANNEX 1: LIST OF DOCUMENTS AND INFORMATION CONSTITUTING THE FILE
Attached in duplicate to the nationality waiver request are the following documents and information.

I – DOCUMENTS AND INFORMATION REQUIRED FROM THE DECENTRALIZED FINANCIAL SYSTEM

• written request addressed to the Minister in charge of Finance, signed by the duly authorized representative;
• detailed organizational chart;
• composition of the Board of Directors or equivalent body;
• specific function of the executive;
• draft employment contract, where applicable. Correspondence from the national authorities in charge of employment or a visa from said authorities must indicate that the proposed employment contract raises no objections.

II – DOCUMENTS AND INFORMATION ON THE PERSON IN FAVOR OF WHOM THE WAIVER IS SOUGHT

• official documents establishing full identity and nationality;
• criminal record extract dated less than three (3) months ago or any other document serving as such, issued by the national authorities of the country of origin;
• detailed curriculum vitae, certified as true, dated and duly signed by the interested party indicating the education completed, the acquisition of at least five (5) years of professional experience in the field of SFDs or any other area of competence deemed compatible with the intended functions;
• precise addresses of previous employers;
• copies of required degrees, certified as conforming to the originals, attesting that the executive holds at least a master's degree or an equivalent diploma;
• sworn declaration of the information provided, dated and duly signed by the interested party;
• certified copy of the letter addressed to the SFD designating the natural person representing the legal entity on the Board of Directors.

III – OTHER SUPPLEMENTARY DOCUMENTS AND INFORMATION

• all supplementary documents and/or information required by the Ministerial Monitoring Structure or the Central Bank.

ANNEX 2: SWORN DECLARATION
I, the undersigned, ……. (name, first name, profession), residing at ……, nominated to serve as …................(specify the exact function) with…….. (name of the decentralized financial system and country), hereby declare under oath, after having reviewed the Act on the regulation of decentralized financial systems in the WAMU member states and its implementing decree, that I am capable of exercising the aforementioned functions in the official working language of the WAMU, that I am not involved in any pending proceedings before administrative or judicial authorities, nor suspended or removed from a position of responsibility, nor subject to the exercise prohibitions provided by the aforementioned Act.

Done at ……………, on ………….……
(Signature)

---