Circular No. 10/CREPMF/2022 on the Calculation of General Expenses for Determining the Equity Level of OPC Management Companies

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

CIRCULAR NO. 10/CREPMF/2022

ON THE CALCULATION OF GENERAL EXPENSES FOR DETERMINING THE EQUITY LEVEL OF OPC MANAGEMENT COMPANIES

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The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) reminds approved OPC Management Companies (SGOs) operating in the UMOA regional financial market that, in accordance with current regulations, they must comply with the provisions of this Circular, which specifies the elements defining the determination of general expenses in relation to the equity level of OPC Management Companies, which must never be less than a percentage of said general expenses from the previous year.

The general expenses referred to in Article 5, paragraph 1, point a) iii) of Instruction No. 66/CREPMF/2021 concerning Collective Investment Schemes and their Management Companies on the UMOA regional financial market are determined as follows:

	General Expenses	Amount N	Amount N-1
+	Total expenses (operating charges)
-	Fully discretionary bonuses and variable remuneration
-	Product retrocessions charged to operating expenses related to the distribution of collective investments
-	Payable shared commissions and remuneration (linked to receivable commissions and remuneration)
-	All non-recurring expenses resulting from non-ordinary activities
-	Remuneration paid to linked agents in the context of OPC distribution

This Circular takes effect from its publication date.

Done in Abidjan on 03 JAN 2022

The General Secretary
Ripert BOSSOUKPE

Avenue Joseph ANOMA
01 B.P. 1878 Abidjan 01/Côte d'Ivoire
Website : http://www.crepmf.org
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TEL.: (225) 20 27 21 57 / 20 27 51 56 20
Fax: (225) 27 20 33 23 04
Email : sg@crepmf.org