CREPMF Circular No. 13/2022 on Share and Unit Classes

WEST AFRICAN MONETARY UNION

crepmf

REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

*

CIRCULAR NO. 13/CREPMF/2022

ON SHARE AND UNIT CLASSES

*

The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) reminds approved Collective Investment Schemes (CIS) and CIS Management Companies (CMCs) operating in the UMOA regional financial market that, in accordance with current regulations, they must permanently comply with the provisions of this Circular as part of their approval. This Circular specifies the conditions under which a CIS may offer different classes of units or shares.

The unit or share classes of CIS referred to in Articles 38, 74, and 80 of Instruction No. 66/CREPMF/2021 on Collective Investment Schemes and their Management Companies in the UMOA regional financial market may:

• benefit from different income distribution regimes;
• be denominated in different currencies;
• bear different management fees;
• bear different subscription and redemption commissions;
• have a different nominal value;
• be subject to systematic foreign exchange risk hedging, partial or total, as defined in the Prospectus. This hedging is provided through financial contracts that minimize the impact of hedging operations on other CIS unit or share categories;
• be reserved for one or more distribution networks.

Subscription to a unit or share class may be restricted to a specific investor category defined in the Prospectus, based on objective criteria such as a subscription amount, minimum investment duration, or any other holder commitment.

This Circular takes effect upon its publication.

Issued in Abidjan, on 03 JAN 2022

The General Secretary,

Ripert BOSSOUKRE

*

Avenue Joseph ANOMA 01 B.P. 1878 Abidjan 01/Côte d'Ivoire Website: http://www.crepmf.org

1 TEL.: (225) 27 20 21 57 42 / 27 20 21 58 20 Fax: (225) 27 20 21 23 04 Email: sg@crepmf.org