Instruction No. 54/CREPMF/2017 (Revised) on Billing, Payment, and Collection of Fees, Charges, and Commissions Collected by the Regional Council for Public Savings and Financial Markets

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

INSTRUCTION NO. 54/CREPMF/2017 (REVISED)

ON THE PROCEDURES FOR BILLING, PAYMENT, AND COLLECTION OF FEES, CHARGES, AND COMMISSIONS COLLECTED BY THE REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

The Regional Council for Public Savings and Financial Markets,

• Having regard to the Convention of 3 July 1996 establishing the Regional Council for Public Savings and Financial Markets, particularly its Annex on the composition, organization, functioning, and powers of the Council;
• Having regard to General Regulation No. 001/97 of 28 November 1997 on the Organization, Functioning, and Supervision of the Regional Financial Market of the UMOA, particularly Articles 16, 63, 152, and 154;
• Having regard to Regulation No. 9/2006/CM/UEMOA of 29 June 2006 adopting Specific Accounting Rules applicable to approved participants in the Regional Financial Market;
• Having regard to Decision No. CM/13/12/2011 of 16 December 2011 setting the tariffs of the Regional Council for Public Savings and Financial Markets, particularly Article 1;
• Having regard to Decision No. CM/14/12/2011 of 16 December 2011 on the supervisory fee for stock exchange operations;
• Having regard to Decision No. CM/15/12/2011 of 16 December 2011 on the supervisory fee for custody and settlement/delivery movements;
• Having regard to Decision No. CM/16/12/2011 of 16 December 2011 establishing a fee based on the revenue received by central structures outside the scope of delegated services;
• Having regard to Decision No. CM/SJ/001/03/2016 of 24 March 2016 on the implementation of the monetary sanctions regime applicable on the UMOA Regional Financial Market;
• Having regard to Decision No. CM/DCF/10/12/2017 of 22 December 2017 of the UMOA Council of Ministers on the Financial Regulation of the Regional Council for Public Savings and Financial Markets;

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Instruction No. 54/CREPMF/2017 Revised

• Having regard to Decision No. CM/06/12/2019 of 31 December 2019 approving the public service concession granted to the Regional Securities Exchange S.A. (BRVM);
• Having regard to Decision No. CM/07/12/2019 of 31 December 2019 approving the public service concession granted to the Central Depository/Settlement Bank S.A.;
• Having regard to Decision No. 004 of 29/04/2021/CM/UMOA of the UMOA Council of Ministers appointing the President of the Council;
• Having regard to Instruction No. 49/2016 of 23 November 2016 on the sanction-taking procedure by the Regional Council on the UMOA Regional Financial Market;
• Having regard to Instruction No. 54/2017 of 18 December 2017 on the procedures for billing, payment, and collection of fees, charges, and commissions collected by the Regional Council on the UMOA Financial Market;
• Having regard to the deliberations of the Regional Council at its 52nd extraordinary session on 21 December 2021;

HEREBY ORDERS

TITLE I: ANNUAL FEE

Article 1
The annual fee is a flat rate and is borne by central structures, approved commercial participants, and other actors in the Regional Financial Market.

Article 2
The annual fee is billed in advance by the Regional Council no later than 1 January of the year in which it becomes due.

Article 3
For approved or authorized actors during the calendar year, the annual fee is billed by the Regional Council upon notification of the approval or authorization decision. In this case, it equals the portion of the annual fee corresponding to the number of remaining, unstarted quarters of the current calendar year.

Article 4
Taxpayers have a maximum period of fifteen (15) calendar days from the date of receipt of their invoice to pay the fee amount.

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Instruction No. 54/CREPMF/2017 Revised

TITLE II: SUPERVISORY FEE FOR STOCK EXCHANGE OPERATIONS

Article 5
The Regional Council collects a supervisory fee for stock exchange operations as part of its activities.

Article 6
The supervisory fee for stock exchange operations is calculated based on the amount of fees, commissions, and other charges collected by the Regional Securities Exchange (BRVM) from market participants as remuneration for delegated services. It is calculated at a rate of 12.5%.

Article 7
The supervisory fee for stock exchange operations is payable quarterly, no later than thirty (30) calendar days after the end of each quarter. Statements enabling the determination of the fee base must be transmitted by the BRVM to the Regional Council no later than fifteen (15) calendar days following the end of the quarter.

TITLE III: SUPERVISORY FEE FOR CUSTODY AND SETTLEMENT/DELIVERY MOVEMENTS

Article 8
The Regional Council collects a supervisory fee for custody and settlement/delivery movements as part of its activities.

Article 9
The supervisory fee for custody and settlement/delivery movements is calculated based on the amount of fees, commissions, and other charges collected by the Central Depository/Settlement Bank (DC/BR) from its members as remuneration for delegated services. It is calculated at a rate of 12.5%.

Article 10
The supervisory fee for custody and settlement/delivery movements is payable quarterly, no later than thirty (30) calendar days after the end of each quarter.

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Instruction No. 54/CREPMF/2017 Revised

Statements enabling the determination of the fee base must be transmitted by the DC/BR to the Regional Council no later than fifteen (15) calendar days following the end of the quarter.

TITLE IV: ADDITIONAL FEE BASED ON REVENUE GENERATED OUTSIDE THE SCOPE OF DELEGATED SERVICES

Article 11
As part of its supervisory activities for the Regional Securities Exchange (BRVM) and the Central Depository/Settlement Bank (DC/BR), the Regional Council collects an additional fee based on revenue generated outside the scope of delegated services.

Article 12
The fee rate is set at 5%.
It is payable annually no later than thirty (30) calendar days after the approval of the annual financial statements of the BRVM and DC/BR. Statements enabling the determination of the fee base must be transmitted by the BRVM and DC/BR to the Regional Council no later than fifteen (15) calendar days following the approval of their annual financial statements.

TITLE V: ASSET-BASED COMMISSION

Article 13
Taxpayers for the custody asset commission are investors. Investment and Intermediation Companies (SGI) and Custodian Account Banks (BTCC) are responsible for collecting the custody asset commission due to the CREPMF. Collective Investment Schemes (CIS/OPC) are not liable for the custody asset commission regarding their assets held with SGIs and BTCC acting as depositaries. Taxpayers for the managed asset commission are CIS/OPC. CIS management companies are responsible for collecting the managed asset commission due to the CREPMF.

Article 14
The base for the custody asset commission with an SGI or BTCC includes all securities in custody, regardless of the market compartment on which they are issued (money and financial markets). These may include listed or unlisted securities on the financial market and negotiable debt instruments issued on the money market.

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Instruction No. 54/CREPMF/2017 Revised

The base amount is the total valuation (realization value) calculated, in accordance with the valuation methods defined by the Specific Accounting Rules, of all securities in custody.

Article 15
The base for the managed asset commission acquired by the Regional Council includes all securities constituting the securities portfolio of a CIS, regardless of the market compartment on which they are issued. These may include listed or unlisted securities on the financial market and negotiable debt instruments issued on the money market. The base amount is the total valuation (realization value) of the securities portfolio calculated, in accordance with the valuation methods defined by the Specific Accounting Rules.

Article 16
The commission on managed or custody assets collected by the Regional Council from CIS and investors is fixed at 0.1‰ per year of the base. Statements to be transmitted to the Regional Council for the assessment of the managed or custody asset commission must be prepared based on daily asset valuation, following the model attached as an annex to this Instruction.

Article 17
The amount of the managed or custody asset commission is declared, using the model attached as an annex to this Instruction, to the Regional Council by the collectors quarterly, no later than the last working day of the first half of the month following the end of the quarter. Collectors have a maximum period of thirty (30) calendar days from the first day of the month following the end of the quarter to pay the managed or custody asset commission to the Regional Council.

TITLE VI: FEES FOR AUTHORIZATION, APPROVAL, AND SANCTION

Article 18
Fees for authorization, approval, and sanction are due for the issuance of authorizations, approvals, or sanctions to an applicant as an actor on the UMOA Regional Financial Market. They are payable within fifteen (15) calendar days from the date of dispatch by the Regional Council of the corresponding invoice.

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Instruction No. 54/CREPMF/2017 Revised

Article 19
Taxpayers have a maximum period of fifteen (15) calendar days from the date of dispatch of their invoice to pay the amount of the fees for authorization, approval, and sanction.

TITLE VII: COMMISSION FOR REVIEW, IDENTIFICATION, OR REGISTRATION

Article 20
The taxpayer for the commission for review, identification, or registration of financial operations through public offering or private placement, acquired by the Regional Council, is the issuer. The commission for review, identification, or registration of financial operations through public offering or private placement is directly billed to the issuer.

Article 21
The commission for review, identification, or registration of financial operations through public offering or private placement becomes due eight (08) working days after the closing of subscriptions or the execution of the financial operation.

Article 22
The taxpayer for the commission for review of advertising materials and CIS information notes is the initiator of the advertising material or the CIS. Investment and Intermediation Companies (SGI) or CIS management companies are collectors of the commission for review of advertising materials and CIS information notes.

Article 23
The commission for review of advertising materials and CIS information notes becomes due within fifteen (15) calendar days from the date of dispatch by the Regional Council of the corresponding invoice.

Article 24
Taxpayers have a maximum period of fifteen (15) calendar days from the date of dispatch of their invoice to pay the amount of the commission for review, identification, or registration.

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Instruction No. 54/CREPMF/2017 Revised

TITLE VIII: FINAL PROVISIONS

Article 25
Failure to transmit information serving as the basis for billing and/or payment of fees, commissions, or charges within the prescribed deadlines results in the application of a surcharge. The rate of this surcharge is fixed at 1% per day of delay calculated from the first day of delay on the amount of the due fee, commission, or charge. This surcharge is capped at ninety (90) calendar days of delay. Beyond ninety (90) calendar days of delay, the liable issuer or collector of fees, commissions, or charges is subject to monetary sanctions, in accordance with Decision No. CM/SJ/001/03/2016 on the implementation of the monetary sanctions regime applicable on the UMOA Regional Financial Market and Instruction No. 49/2016 on the sanction-taking procedure by the Regional Council on the UMOA Regional Financial Market, particularly Article 7.

Article 26
Collectors of custody asset and managed asset commissions are jointly and severally liable for the payment of late payment penalties.

Article 27
Approved actors prior to the effective date of this Instruction have a maximum period of one (1) year from the date of its signature to fully comply with its provisions. Unsettled arrears as of the signature date of this Instruction are subject to late payment penalties, in accordance with Articles 25 and 26 above.

Article 28
This Instruction, which repeals all prior contrary provisions, takes effect on 1 January 2023. It shall be published wherever necessary.

Done in Abidjan, on 21 December 2021

For the Regional Council for Public Savings
The President
Badanam PATOKI

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ANNEXES

Table 1: Asset Commission Declaration – SGI / BTCC (In CFA francs)

Date	:
Type of Actor	:	SGI	BTCC
Name of Actor	:				Approval No.	:
Year / Quarter	:

N°	DATE¹	SECURITIES IN CUSTODY WITH DC/BR				SECURITIES NOT IN CUSTODY WITH DC/BR				TOTAL	COMM.²
		Shares	Bonds	Other Securities		Shares	Bonds	Other Securities
		Excluding CIS³	CIS⁴	Excluding CIS	CIS	Excluding CIS	CIS	Excluding CIS	CIS	Excluding CIS	CIS	CIS Shares	Excluding CIS	CIS

1 Calendar dates covering all days of the relevant quarter 2 COMM. = Commission calculated on the Total Excluding CIS 3 Excluding CIS = Securities in custody (including proprietary accounts) except those belonging to CIS and CIS Shares 4 CIS = Securities in custody on behalf of CIS

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Table 2: Asset Commission Declaration – Management Company (In CFA francs)

Date	:
Management Company	:			Approval No.	:
CIS	:			Approval No.	:
Depositary	:			Approval No.	:
Year / Quarter	:

N°	DATE⁵	SHARES	BONDS	CIS SHARES⁶	OTHER SECURITIES	TOTAL EXCLUDING CIS SHARES	TOTAL GENERAL	COMMISSION⁷