Decision No. CM/13/12/2011 Fixing the Tariffs of the Regional Council for Public Savings and Financial Markets

UNION MONETAIRE OUEST AFRICAINE

COUNCIL OF MINISTERS

THE PRESIDENT

DECISION NO. CM/13/12/2011 FIXING THE TARIFFS OF THE REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

The Council of Ministers of the West African Monetary Union,

Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007,

Having regard to the Convention of 3 July 1996 establishing the Regional Council for Public Savings and Financial Markets (hereinafter the "Regional Council"),

Having regard to the Annex to the Convention on the Organization, Operation and Functions of the Regional Council, Article 15 thereof,

Having regard to the General Regulation on the Organization, Operation and Supervision of the Regional Financial Market of UMOA, adopted by Decision No. 001/97 of the Council of Ministers of UMOA on 28 November 1997, particularly Articles 16, 63, 152 and 154 thereof,

Having regard to the Financial Regulation of the Regional Council, adopted by Decision No. CM/001B/09/2002 of the Council of Ministers of UMOA on 19 September 2002,

Having regard to Decisions No. CM/09/09/2011 and No. CM/10/09/2011 of 13 September 2011 by the Council of Ministers of UMOA approving the specifications of the Regional Securities Exchange (BRVM) S.A. and the Central Depository/Settlement Bank (DC/BR) S.A.,

Having regard to Decision No. CM/12/12/2011 of 16 December 2011 by the Council of Ministers of UMOA on the new tariffing of the regional financial market of UMOA,

Having regard to the deliberations of the Council of Ministers of UMOA at its session on 16 December 2011,

RESOLVES

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Article 1

The Regional Council collects the following commissions, fees and charges in the course of its activities on the regional financial market:

• commission for visa, identification or registration of financial operations through public offerings or private placements;
• commission on assets under management or custody;
• fees for authorization, approval or endorsement of central structures, commercial intermediaries and other market participants;
• fixed annual charge borne by central structures, approved commercial intermediaries and other participants in the regional financial market;
• annual charge for the supervision of stock exchange operations and the supervision of custody and settlement/delivery movements;
• additional charge based on the amount of revenue generated by central structures outside the scope of granted services.

The rate or amount of these commissions, fees and charges, with the exception of the annual supervision charges for stock exchange operations, custody and settlement/delivery movements, and the additional charge borne by central structures, is set out in the Annex forming an integral part of this Decision.

The due and payment dates, as well as the collection procedures for these commissions, fees and charges, are determined by the Regional Council.

Article 2

The tariffs of the Regional Council are subject to revision by the Council of Ministers according to the evolution of its resources.

Article 3

This Decision, which takes effect as of 1 January 2012, repeals all prior and contrary provisions.

Article 4

This Decision and its Annex shall be published wherever necessary.

Done at Niamey, on 16 December 2011

José Mário VAZ

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ANNEX

FINANCIAL OPERATIONS THROUGH PUBLIC OFFERINGS (APE)*	Rate
Debt securities or similar
for issuances less than or equal to one billion FCFA	1 ‰
for issuances between 1 and 10 billion FCFA	2 ‰
for issuances between 10 and 20 billion FCFA	1.5 ‰
for issuances greater than 20 billion FCFA	1 ‰
other operations (Public Offerings, Buybacks, etc.)	1 ‰
Sovereign securities
for issuances of debt securities	1 ‰
other operations	0.5 ‰
Equity securities or similar
Capital increases and similar operations
for issuances less than or equal to one billion FCFA	0.5 ‰
for issuances between 1 and 10 billion FCFA	1.5 ‰
for issuances between 10 and 20 billion FCFA	1 ‰
for issuances greater than 20 billion FCFA	0.5 ‰
Public Sales Offerings
for transfers less than or equal to one billion FCFA	0.75 ‰
for transfers between 1 and 10 billion FCFA	1.75 ‰
for transfers between 10 and 20 billion FCFA	1.25 ‰
for transfers greater than 20 billion FCFA	0.75 ‰
Other Public Offerings
for an amount less than or equal to one billion FCFA	1 ‰
for an amount between 1 and 10 billion FCFA	2 ‰
for an amount between 10 and 20 billion FCFA	1.5 ‰
for an amount greater than 20 billion FCFA	1 ‰
Amortization, capital reduction or similar operation	0.5 ‰
Visa for advertising materials	Amount
For any material	100,000 FCFA

• The commission for visa or identification of financial operations through public offerings is capped at 400 million FCFA per operation.

FINANCIAL OPERATIONS THROUGH PRIVATE PLACEMENTS (PP)	Rate
for issuances of debt securities	3 ‰
FEES FOR AUTHORIZATION, APPROVAL AND ENDORSEMENT	Amount
Stock Exchange	50,000,000 FCFA
Central Depository, Settlement Bank	30,000,000 FCFA
Guarantee Institutions	15,000,000 FCFA
SGI and BTCC	10,000,000 FCFA
Rating Agencies	5,000,000 FCFA
Wealth Management, UCITS or Securitization Fund Company	3,000,000 FCFA
SICAV, SICAR	3,000,000 FCFA
Other CIUs (FIF, Securitization Fund, Risk FIF)	2,000,000 FCFA
Business Brokers/Securities Investment Advisors / Salesmen (legal persons)	1,000,000 FCFA
Business Brokers/Securities Investment Advisors / Salesmen (natural persons)	500,000 FCFA
ANNUAL CHARGE	Amount
Stock Exchange	50,000,000 FCFA
Central Depository, Settlement Bank	30,000,000 FCFA
SGI	5,000,000 FCFA
BTCC	5,000,000 FCFA
Guarantee Institutions	15,000,000 FCFA
Rating Agencies	5,000,000 FCFA
Wealth Management, UCITS or Securitization Fund Company	2,000,000 FCFA
CIUs (UCITS and other Collective Investment Undertakings)	1,000,000 FCFA
Business Brokers/Securities Investment Advisors / Salesmen
• Natural persons	250,000 FCFA
• Legal persons	500,000 FCFA
COMMISSION ON ASSETS	Rate
under custody (excluding UCITS assets) with SGIs and Account Keepers	0.1 ‰
under management with UCITS or Securitization Fund Management Companies	0.1 ‰

SGI: Management and Intermediation Company
BTCC: Account Keeping/Settlement Bank/Custodian CIU (OPC): Collective Investment Undertaking UCITS (OPCVM): Undertakings for Collective Investment in Transferable Securities VCIC (SICAV): Variable Capital Investment Company SICAR: Venture Capital Investment Company FIF (FCP): Common Investment Fund Risk FIF (FCPR): Common Investment Fund with Risk Securitization Fund (FCTC): Common Securitization of Credit Rights