Instruction No. 34 of 2007 on the Regional Council's Sanction Procedure for the UMOA Financial Market

UNION MONETAIRE OUEST AFRICAINE crepmf CONSEIL REGIONAL DE L'EPARGNE PUBLIQUE ET DES MARCHES FINANCIERS

INSTRUCTION NO. 34 / 2007
ON THE SANCTION PROCEDURE BY THE REGIONAL COUNCIL ON THE UMOA FINANCIAL MARKET

The Regional Council for Public Savings and Financial Markets,

HAVING REGARD TO the Convention establishing the Regional Council for Public Savings and Financial Markets (hereinafter the "Council");

HAVING REGARD TO the Annex to the Convention on the Composition, Organization, Operation and Powers of the Council, particularly Articles 30 to 38 and 46;

HAVING REGARD TO the General Regulations on the Organization, Operation and Supervision of the UMOA Financial Market;

HAVING REGARD TO the resolutions of the Council in its ordinary session on 23 November 2007;

HAS ADOPTED THIS INSTRUCTION:

Article 1

In application of the above provisions, the sanction procedure by the Regional Council on the UMOA Financial Market is defined according to the following three phases:

• preliminary inquiry,
• investigation,
• decision-making.

Article 2

The preliminary inquiry may be initiated:

• by the General Secretariat of the Council, when its departments identify or suspect conduct contrary to the general interest and the proper functioning of the market; or

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Instruction No. 34 / 2007

• following a referral by a third party.

It is conducted by the General Secretary of the Council.

During the preliminary inquiry, the General Secretary may:

• summon and hear any person concerned;
• summon and hear any witness to the matter;
• request the submission of any document deemed useful.

The preliminary inquiry results in a report submitted for examination by the Council.

Upon examining this report, the Council decides either to open an investigation or to close the file without further action.

The decision to open an investigation is notified in writing with acknowledgment of receipt to the concerned person and, where applicable, to the complainant. When a file is closed without further action, the Council informs the complainant accordingly.

The preliminary inquiry is not mandatory when the infringement is easily established or manifest.

Article 3

The investigation is conducted by a Commission established by the Council.

Its composition depends on the nature and severity of the alleged infringement. The Council may appoint any external person whose skills are deemed necessary for the successful conclusion of the investigation to serve on the Commission.

For the purposes of the investigation, the Commission may:

• summon and hear any person concerned;
• summon and hear any witness to the matter;
• request the submission of any document deemed useful.

The Commission's meetings are not public and take place at the Council's headquarters.

However, the Commission may convene at any other location as needed for its mission.

Upon conclusion of the investigation, the Commission prepares a report submitted to the President for referral to the Council.

Article 4

Any person who participated in the preliminary inquiry may not be a member of the investigation Commission.

No one may serve on an investigation Commission directed against themselves or against a legal or natural person with whom they are connected in any way.

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Instruction No. 34 / 2007

Members of the investigation Commission must not participate in the Council's decision.

Article 5

The Council, based on the investigation report, summons the concerned person for a hearing prior to decision-making.

The concerned person has the right to be assisted by a legal advisor of their choice.

Article 6

The Council deliberates in closed session, excluding the presence of the investigation Commission's rapporteur and any Council member subject to the incompatibility rules under Article 4, paragraph 2 above.

Where the alleged facts or acts are well-founded, the Council imposes a sanction in accordance with applicable laws and regulations.

The Council's decision is notified in writing with acknowledgment of receipt to the concerned person by the General Secretary.

Article 7

In application of Article 49, paragraph 1 of the Annex to the Convention, decisions of the Council are subject to appeal before the Court of Justice of the UMOA.

Article 8

The use of the procedure established by this Instruction takes place, without prejudice to the right of the Council, the victim or any third party, to refer matters to the national courts of Member States, in accordance with the provisions of the Annex to the Convention, the General Regulations, or any other applicable laws.

Article 9

This Instruction, which shall enter into force as of the date of its signature, repeals all prior contrary provisions and shall be published where necessary.

Done in Abidjan, on 23 November 2009

The President

[Signature] Léné SEBGO

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