West African Monetary Union crepmf
Regional Council for Public Savings and Financial Markets

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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

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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

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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