BCEAO Instruction No. 004-06-2016 on Provisional Administration of Credit Information Bureaus

The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) dated January 20, 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States, annexed to the UMOA Treaty dated January 20, 2007, particularly Articles 30 and 59; Having regard to the Uniform Act regulating Credit Information Bureaus in the member states of UMOA, particularly Articles 31 and 76, HAS DECIDED:

Article 1: Subject Matter This instruction aims to specify the procedures for the provisional administration of Credit Information Bureaus.

Article 2: Publication of the Decision for Provisional Administration The decision to place a Credit Information Bureau under provisional administration is published in the Official Journals of the States where the Credit Information Bureau is represented. It is also published in a newspaper authorized to receive legal notices in the relevant States.

Article 3: Appointment of the Provisional Administrator The decision appointing the provisional administrator of the Credit Information Bureau is issued by an order from the Minister in charge of Finance of the State hosting its registered office, within a maximum period of seven calendar days from the date of placement under provisional administration. The provisional administrator is selected from a restricted list established and regularly updated by the Ministry in charge of Finance of the State hosting the registered office of the Credit Information Bureau. The provisional administrator must possess proven professional experience in the field of credit information, or any other similar field, and enjoy a good reputation. Avenue Abdoulaye FADIGA BP 3108 – Dakar - Senegal Tel.: (221) 33 839 05 00 / Fax: (221) 33 823 93 35 www.bceao.int INSTRUCTION NO. 004-06-2016 ON THE PROCEDURES FOR PROVISIONAL ADMINISTRATION OF CREDIT INFORMATION BUREAUS

2 The term of office of the provisional administrator may not exceed one year, unless extended by an order from the Minister in charge of Finance of the State hosting the registered office of the Credit Information Bureau.

Article 4: Conditions for the Execution of the Provisional Administrator's Mandate In addition to the remuneration conditions for the provisional administrator, the appointing order specifies in particular: • the duration of the mandate; • the specific duties and powers assigned to the provisional administrator within the scope of their mandate; • the obligation for the provisional administrator to prepare a statement of the Credit Information Bureau's situation within fifteen days after assuming office; • the expected diligence of the provisional administrator.

Article 5: Submission of Reports The provisional administrator submits to the BCEAO and the Ministry in charge of Finance, starting from the date of appointment, a quarterly report on the operations carried out as well as on the progress of their mandate. They also submit a specific report at least once a year regarding the situation of the Credit Information Bureau. This report specifies the nature, origin, and significance of the Credit Information Bureau's difficulties, as well as measures likely to ensure its recovery or, failing that, confirms the cessation of activities. The provisional administrator submits a final report upon completion of their mandate. The submission by the provisional administrator of the reports mentioned in the preceding paragraphs is without prejudice to the communication of any other information required from the Credit Information Bureau as part of its reporting to the BCEAO.

Article 6: Liability of the Provisional Administrator The provisional administrator represents the Credit Information Bureau within the scope of their mandate and subject to their powers. Any act performed beyond these powers is unenforceable against the Credit Information Bureau and bona fide third parties. The provisional administrator is liable, both to the Credit Information Bureau and to third parties, for the detrimental consequences of faults committed in the exercise of their functions.

Article 7: Monitoring Committee The Minister in charge of Finance of the State hosting the registered office of the Credit Information Bureau establishes a Monitoring Committee for provisional administration, tasked with issuing advisory opinions on the conduct of activities, recovery prospects, and the execution of the mandate assigned to the provisional administrator.

3 The Monitoring Committee is composed in particular of: • a representative of the Minister in charge of Finance, Chair; • a representative of the BCEAO, member; • a representative of the Professional Association of Banks and Financial Institutions, member; • a representative of the Professional Association of Decentralized Financial Systems, member. The secretariat of the Monitoring Committee is provided by the provisional administrator. The Monitoring Committee meets at least once per quarter, in particular to provide assessments, issue opinions on the provisional administrator's reports, and formulate recommendations regarding the conditions for concluding the provisional administration. The minutes of the Monitoring Committee meetings are transmitted to the Authorities and member bodies.

Article 8: Entry into Force This instruction enters into force on the date of its signature. It shall be published wherever necessary. Done in Dakar, on June 9, 2016 Tiémoko Meyliet KONE