DECISION N° CM/08/09/2021 AMENDING ARTICLES 72, 82 AND 83 OF THE GENERAL REGULATIONS ON THE ORGANIZATION, OPERATION AND CONTROL OF THE UMOA FINANCIAL MARKET

WEST AFRICAN MONETARY UNION

COUNCIL OF MINISTERS

THE PRESIDENT

DECISION N° CM/08/09/2021 AMENDING ARTICLES 72, 82 AND 83 OF THE GENERAL REGULATIONS ON THE ORGANIZATION, OPERATION AND CONTROL OF THE UMOA FINANCIAL MARKET

The Council of Ministers of the West African Monetary Union,

Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, particularly Article 1 thereof;

Having regard to the Annex to the Convention of July 3, 1996 on the Composition, Organization, Operation and Powers of the Regional Council for Public Savings and Financial Markets;

Having regard to Decision No. 001/97 of the Council of Ministers of the UMOA dated November 28, 1997 on the General Regulations relating to the Organization, Operation and Control of the regional financial market of the UMOA (hereinafter "the General Regulations"), particularly Article 193 thereof;

Having regard to the favorable opinion of the Regional Council during its 87th ordinary session held on August 27, 2021;

Having regard to the deliberations of the Council of Ministers of the UMOA during its ordinary session of September 23, 2021;

DECIDES

Article 1
Article 72 of the General Regulations is amended as follows:

New Article 72 of the General Regulations

Collective management within the Union is carried out by Collective Investment Schemes, referred to as CIS, grouped into:

a) Collective Investment Schemes in Securities, referred to as UCITS, or

b) Alternative Investment Funds, referred to as AIFs.

These CIS may take either a contractual form of Common Investment Funds managed by a CIS Management Company, or a statutory form of Variable Capital Investment Company or any other forms specified by an Instruction of the Regional Council.

An Instruction of the Regional Council establishes the form, classification of CIS, approval and registration rules, operating rules, as well as the prudential rules specific to each category of CIS and their Management Companies.

CIS are required to request the visa of the Regional Council before the start of subscription operations.

Article 2
Article 82 of the General Regulations is amended as follows:

New Article 82 of the General Regulations

The assets of a CIS must be held by a single depositary chosen from among the Investment and Intermediation Companies (IICs) having their registered office in the Union, subject to capital adequacy requirements, in accordance with the regulatory provisions in force, or from among credit institutions approved as Account Keepers/Custodians and having their registered office in the Union.

An Instruction of the Regional Council specifies the provisions applicable to CIS depositaries.

Article 3
Article 83 of the General Regulations is amended as follows:

New Article 83 of the General Regulations

The depositary controls the regularity of the operations of the Management Company, in relation to prudential rules and the category of CIS.

An Instruction of the Regional Council specifies the conditions for the exercise of the missions and responsibilities of the CIS depositary.

Article 4
All prior provisions contrary to this decision are repealed.

Article 5
This decision, which enters into force as of the date of its signature, shall be published wherever necessary.

Done in Lomé, on September 23, 2021

For the Council of Ministers of the UMOA,

The President

Sani YAYA