Decision No. CM/UMOA/021/12/2012 Adopting the Uniform Draft Decree on Authorizing Banking-Character Financial Institutions to Receive Public Funds Deposits

UNION MONETAIRE OUEST AFRICAINE
LE CONSEIL DES MINISTRES DE L'UNION MONETAIRE OUEST AFRICAINE (UMOA) Having regard to the Treaty of the West African Monetary Union (UMOA), dated January 20, 2007, particularly Articles 10, 11, 15, 17 and 34, Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty, dated January 20, 2007, particularly Articles 42 and 60, Having regard to Decision No. CM/UMOA/019/12/2012 of December 14, 2012 establishing the operating rules of the UMOA Council of Ministers pending the formation of the new government of the Republic of Mali, Having regard to the BCEAO's note presented to the Council of Ministers during its ordinary session held in Niamey on December 14, 2012, regarding the draft Uniform Decree authorizing banking-character financial institutions to receive public funds deposits, Having regard to the deliberations of the Council of Ministers during its ordinary session held in Niamey on December 14, 2012. R E S O L V E S:

Article 1:
The draft Uniform Decree authorizing banking-character financial institutions to receive public funds deposits, annexed to this Decision and forming an integral part thereof, is adopted.

Article 2:
The Member States of the UMOA shall take the necessary measures to incorporate the Uniform Decree authorizing banking-character financial institutions to receive public funds deposits into their respective domestic legal orders.

Article 3:
The Governor of the BCEAO is responsible for monitoring the implementation of this Decision.

DECISION NO. CM/UMOA/021/12/2012 ADOPTING THE DRAFT UNIFORM DECREE ON AUTHORIZING BANKING-CHARACTER FINANCIAL INSTITUTIONS TO RECEIVE PUBLIC FUNDS DEPOSITS

Article 4:
This Decision shall enter into force as of the date of its signature and shall be published wherever necessary.
Done at Niamey, on December 14, 2012
For the Council of Ministers of the West African Monetary Union, The President, Adji Otèth AYASSOR The Minister of Economy and Finance of the Togolese Republic

ANNEX TO DECISION NO. CM/UMOA/021/2012 ADOPTING THE DRAFT UNIFORM DECREE ON AUTHORIZING BANKING-CHARACTER FINANCIAL INSTITUTIONS TO RECEIVE PUBLIC FUNDS DEPOSITS

Draft Decree No. 20..-..../..../..../...../........... of ............ 20.......... authorizing banking-character financial institutions to receive public funds deposits _____________________________ THE PRESIDENT OF THE REPUBLIC, Having regard to ................. (specify: the law or ordinance) No............. of ….......20.....1 on banking regulation, particularly Articles 5 and 49; On the proposal/report of the Minister ................ (specify the exact title of the Minister responsible for Finance); The Council of Ministers having been heard in its session on ...............(specify); H E R E B Y D E C R E E S

Article 1
This Decree aims to specify the conditions under which banking-character financial institutions are authorized to receive public funds deposits.

Article 2
In the course of their operations, banking-character financial institutions are required to apply to the Minister responsible for Finance for authorization to receive public funds. The authorization referred to in the preceding paragraph may only be granted for:
– deposits with a term equal to or exceeding two (2) years; – deposits allocated to a specific transaction and kept in their original state or as public funds until the conclusion of that transaction; – deposits made in the context of loan repayment; – deposits received in the context of a deferred credit transaction; – funds from duly authorized bond issuances. 1: Specify the references of the law or ordinance on banking regulation of the concerned Member State.

Article 3
Authorization requests are addressed to the Minister responsible for Finance and filed in three (3) copies with the Central Bank of West African States (BCEAO), which processes them. They must indicate the activity justifying the receipt of funds, as well as the terms for deposit, use, and repayment of said funds. The BCEAO may request any additional documents or information it deems useful for processing the application. The applicant has a maximum period of one (1) month to provide the requested supplementary information. Upon expiration of the period referred to in paragraph 2 above, and failing submission of all required documents or information, the application shall be deemed inadmissible and subject to rejection notified to the applicant by the BCEAO. The BCEAO shall process the authorization request within three (3) months from the date of its receipt or, where applicable, the date of submission of the requested supplementary information. At the latest upon expiration of this period, said application, accompanied by a conforming opinion, shall be transmitted by the BCEAO to the Minister responsible for Finance.

Article 4
The authorization is granted and notified to the applicant by order of the Minister responsible for Finance, following a favorable conforming opinion from the BCEAO.

Article 5
This Decree, which enters into force upon its publication, repeals all contrary provisions dealing with the same subject matter.

Article 6
The Minister responsible for Finance and the BCEAO shall ensure implementation of the provisions of this Decree, which will be published in the Official Gazette of the Republic ........... (specify).
Done at ….................., on .......................20....
(Authority's Signature)