Regulatory Alerts2023-08-24
Instruction No. 20/99 on the Securities Account Agreement
The Regional Council for Public Savings and Financial Markets of the West African Monetary Union issued Instruction No. 20/99 to mandate a formal securities account agreement for all approved management companies, banks, and clearing agents. The regulation specifies mandatory contractual clauses covering party identification, confidentiality, liability, applicable law, and account termination, while detailing requirements for securities registration, tax obligations, order execution, and periodic reporting. Furthermore, it requires prior written notification for any operational modifications and obligates companies to manage these accounts in their clients' best interests, with publication provisions ensuring regulatory compliance across the region.