Decision No. CM/08/09/2021 Amending Articles 72, 82 and 83 of the General Regulation on the Organization, Functioning and Control of the UMOA Financial Market

WEST AFRICAN MONETARY UNION

COUNCIL OF MINISTERS

THE PRESIDENT

DECISION NO. CM/08/09/2021 AMENDING ARTICLES 72, 82 AND 83 OF THE GENERAL REGULATION ON THE ORGANIZATION, FUNCTIONING AND CONTROL OF THE UMOA FINANCIAL MARKET

The Council of Ministers of the West African Monetary Union,

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

Having regard to the Annex to the Convention of 3 July 1996 on the Composition, Organization, Functioning 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 28 November 1997 establishing the General Regulation on the Organization, Functioning and Control of the UMOA financial market (hereinafter "the General Regulation"), particularly Article 193 thereof;

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

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

HEREBY DECIDES

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

New Article 72 of the General Regulation
Collective management within the Union is carried out by Collective Investment Undertakings, referred to as OPC, grouped into:
a) Collective Investment Undertakings in Securities, referred to as OPCVM, or b) Alternative Investment Funds, referred to as FIA.
These OPC may take either a contractual form of Common Investment Funds managed by a Management Company for OPC, or a statutory form of Variable Capital Investment Company or any other forms specified by an Instruction of the Regional Council.

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An Instruction of the Regional Council establishes the form, classification of OPC, approval and registration rules, operating rules as well as prudential rules specific to each category of OPC and their Management Companies. The OPC are required to obtain the visa of the Regional Council prior to the commencement of subscription operations.

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

New Article 82 of the General Regulation
The assets of an OPC must be held by a single depositary chosen from among the Management and Intermediation Companies (SGI) having their registered office within the Union, subject to own-funds requirements in accordance with applicable regulatory provisions, or from among credit institutions authorized as Accountants/Conservators and having their registered office within the Union. An Instruction of the Regional Council specifies the provisions applicable to OPC depositaries.

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

New Article 83 of the General Regulation
The depositary verifies the regularity of the Management Company's operations, in relation to prudential rules and the category of OPC.
An Instruction of the Regional Council specifies the conditions for the exercise of the depositary's duties and responsibilities.

Article 4
All prior provisions contrary to this Decision are hereby repealed.

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

Done at Lomé, 23 September 2021
For the Council of Ministers of the UMOA,
The President

(Signature)
Sani YAYA

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