Regulatory Alerts2010-10-01
Guide for the Issuance of a Manual Foreign Exchange License
The Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) National Directorate for Senegal issues this guide to outline the licensing requirements for manual foreign exchange offices under UEMOA Regulation No. 09/2010/CM/UEMOA. Applicants, whether natural or legal persons with merchant status, must submit a complete application file to the National Directorate demonstrating minimum financial resources of 500,000 CFA francs or a fully paid-up share capital of 1,000,000 CFA francs. The Minister for Finance grants the license by decree following a conforming opinion from the BCEAO, specifying operational requirements and authorized branch office locations.
BCEAO CENTRAL BANK OF WEST AFRICAN STATES
National Directorate for Senegal Main Agency of Dakar Department of Studies and Statistics
Guide for the Issuance of a Manual Foreign Exchange License
The opening of a manual foreign exchange office is governed by Regulation No. 09/2010/CM/UEMOA of October 1, 2010, concerning the external financial relations of the member states of UEMOA. Pursuant to Article 10 of Chapter IV of the aforementioned Regulation, natural or legal persons with merchant status, other than "approved intermediary banks", established or residing in the member states of UEMOA, may be authorized to conduct manual foreign exchange operations. To this end, they must submit an application file for licensing to the National Directorate of the BCEAO and demonstrate minimum financial resources or a minimum share capital.
Constitution of the Application File for Manual Foreign Exchange Licensing:
The application file for manual foreign exchange licensing consists of the following documents:
i) A (01) application addressed to the Minister responsible for Finance;
| ii-a) - For Natural Persons | ii-b) - For Legal Entities |
|---|---|
| ii-a-1) A (01) extract of a birth certificate or a certified copy of the national identity card; | ii-b-1) A (01) certified copy of the deed of incorporation, including the bylaws; |
| ii-a-2) A (01) criminal record extract dated less than three (03) months; | ii-b-2) A (01) criminal record extract of the managing directors, dated less than three (03) months; |
| ii-a-3) Financial resources of at least five hundred thousand (500,000) CFA francs, available at all times for the main manual foreign exchange office and, where applicable, for each branch office; | ii-b-3) A fully paid-up minimum share capital of one million (1,000,000) CFA francs, for the main foreign exchange office and, where applicable, for each branch office; |
iii) A (01) duly completed questionnaire as well as a (01) certified copy of the registration in the Commercial and Credit Mobilier Register (RCCM);
The licensing application must also specify, where applicable, the number and location of branch offices whose opening is envisaged in the same locality and/or other localities within the concerned member state.
The BCEAO may request the provision of any other document or information useful for processing the application. The manual foreign exchange licensing notification, issued by decree by the Minister responsible for Finance, after the BCEAO's conforming opinion, is accompanied by a summary of the regulatory provisions governing manual foreign exchange activities.
Boulevard du Général De GAULLE P.O. Box 3159 - Dakar - Senegal Tel. (221) 33 889 45 45 / Fax. (221) 33 823 57 57 www.bceao.int