Decision No. CM/13/09/2022 Approving the Consolidated Revised UMOA Treaty Following the CREPMF Name Change

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UNION MONETAIRE OUEST AFRICAINE

COUNCIL OF MINISTERS

THE PRESIDENT

DECISION NO. CM/13/09/2022

APPROVING THE CONSOLIDATED VERSION OF THE REVISED UMOA TREATY IN CONNECTION WITH THE NAME CHANGE OF CREPMF

The Council of Ministers of the West African Monetary Union,

Having regard to the Treaty of the West African Monetary Union dated 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 Act of the Conference of Heads of State and Government No. 01/07/2018 dated 30 July 2018 on the name change of the Regional Council for Public Savings and Financial Markets (CREPMF);

Having regard to the Treaty of 12 July 2019 amending certain provisions of the Treaty of the West African Monetary Union dated 20 January 2007 regarding the name of the Regional Council for Public Savings and Financial Markets (CREPMF);

Having regard to the Note from the Regional Council for Public Savings and Financial Markets regarding the consolidated version of the revised UMOA Treaty of 12 July 2019 in relation to the name change of the Authority;

Having regard to the deliberations of the Council of Ministers of the UMOA in its ordinary session on 30 September 2022;

DECIDES

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Article 1 The consolidated version of the amended UMOA Treaty dated 12 July 2019 attached hereto is approved.

Article 2 This Treaty shall enter into force on 1 October 2022.

Article 3 This Decision shall take effect as of the date of its signature.

Done at Dakar, on 30 September 2022

For the Council of Ministers of the UMOA,

The President

(Signature) Sani YAYA

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AMENDED TREATY OF 12 JULY 2019 OF THE WEST AFRICAN MONETARY UNION

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The Governments of the Republic of Benin, The Government of Burkina Faso, The Government of the Republic of Côte d'Ivoire, The Government of the Republic of Guinea-Bissau, The Government of the Republic of Mali, The Government of the Republic of Niger, The Government of the Republic of Senegal, The Government of the Togolese Republic,

• mindful of the profound solidarity among their States,
• convinced that it constitutes one of the essential means for accelerated yet harmonious development of their national economies,
• considering the achievements of forty years of monetary integration among their States,
• convinced that it is in the interest of each country and their common interest to remain within the West African Monetary Union and to maintain, in order to ensure its harmonious functioning, a common issuing institute, the Central Bank of West African States (BCEAO),
• convinced that a precise definition and observance of the rights and obligations of the partners in such a monetary union can ensure its functioning in the common interest, as well as in the individual interest of each member,
• taking into account the requirements of transparency and good governance, which guarantee the entrenchment of monetary integration and common economic development,
• convinced of the need to strengthen the efficiency of the institutions of the West African Monetary Union and deepen economic, monetary, and financial integration at the regional level,
• mindful of the need, on the one hand, to ensure a distinction between the names of the Union's authorities and institutions and those of certain local and territorial public bodies in member States, and on the other hand, to allocate names consistent with the Statutes and missions of said authorities and institutions,

have agreed to the following provisions:

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PRELIMINARY TITLE

DEFINITIONS

New Article 1 (amended 12 July 2019)

For the purposes of this Treaty, the following terms shall mean:

• Acts of the Conference: decisions of the Conference of Heads of State and Government of the UMOA;
• Central Bank or CB: the Central Bank of West African States (BCEAO);
• BOAD: West African Development Bank;
• Banking Commission or BC-UMOA: the UMOA Banking Commission;
• Conference or Conference of Heads of State and Government: the UMOA Conference of Heads of State and Government;
• Council or Council of Ministers: the UMOA Council of Ministers;
• Financial Markets Authority: West African Monetary Union Financial Markets Authority (AMF-UMOA);
• Member State: a member State of the UMOA;
• Common issuing institute: the BCEAO;
• Additional Protocol No. 1: the Additional Protocol No. 1 on UMOA control bodies, forming an integral part of the UMOA Treaty;
• Treaty of the West African Economic and Monetary Union or UEMOA Treaty: the amended Treaty of the West African Economic and Monetary Union, signed in Dakar on 29 January 2003;
• Treaty of the West African Monetary Union or UMOA Treaty: this Treaty;
• UEMOA: West African Economic and Monetary Union;
• Monetary union or UMOA: West African Monetary Union.

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FIRST TITLE

GENERAL PROVISIONS

Article 2

The West African Monetary Union, established between the States signing this Treaty, is characterized by the recognition of a single monetary unit whose issuance is entrusted to a common issuing institute providing support to the economies of member States under the conditions defined below.

The Treaty of the West African Monetary Union (UMOA) is supplemented by the Treaty of the West African Economic and Monetary Union (UEMOA).

Article 3

Member States undertake, under penalty of exclusion from the UMOA, to comply with the provisions of this Treaty, the UEMOA Treaty, and implementing texts, particularly regarding:

i. the rules governing issuance; ii. the centralization of foreign exchange reserves; iii. the free circulation of monetary instruments and freedom of transfers between member States, subject to their obligations under the UMOA Treaty. iv. other provisions of this Treaty.

In accordance with the procedure set forth in Article 6 of Additional Protocol No. 1, the UMOA Court of Justice has jurisdiction over breaches by member States of their obligations under the UMOA Treaty.

If a member State that has not fulfilled its obligations fails to take the measures required by the execution of the UMOA Court of Justice's judgment, the Conference of Heads of State and Government shall ascertain, by unanimity of the Heads of State and Government of the other member States, that State's intention to withdraw from the UMOA.

In such case, the UMOA Conference of Heads of State and Government shall adopt, by way of a Conference Act, adaptations to the provisions of this Treaty.

Furthermore, the Council of Ministers, acting unanimously, may take necessary measures to safeguard UMOA interests, particularly those relating to the transfer of the issuance service.

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SECOND TITLE

ON THE COMMON MONETARY UNIT

Article 4

The legal monetary unit of the UMOA member States is the CFA Franc (FCFA).

The definition of the CFA Franc is that in force at the time of signing this Treaty.

THIRD TITLE

ON THE UMOA AUTHORITIES

New Article 5 (amended 12 July 2019)

The UMOA authorities are:

• the Conference of Heads of State and Government;
• the Council of Ministers;
• the Banking Commission;
• the Financial Markets Authority.

FIRST CHAPTER

ON THE CONFERENCE OF HEADS OF STATE AND GOVERNMENT

Article 6

The Heads of State and Government of the UMOA member States, assembled in Conference, constitute the supreme authority of the Monetary Union.

Article 7

The Conference of Heads of State and Government:

• defines the general guidelines of UMOA policy;
• decides on the accession of new member States;
• decides on the exclusion of a member, and notes the withdrawal of a member;
• fixes the seat of the common issuing institute;
• resolves any matter not settled by unanimous agreement of the UMOA Council of Ministers and submitted to its decision.

Article 8

Conference decisions, termed "Acts of the Conference," are adopted by unanimity.

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The Conference holds its sessions during a calendar year in each of the UMOA member States in alphabetical order of their designation.

It meets at least once a year and as often as necessary, upon the initiative of the President in office or at the request of one or more Heads of State and Government.

The Conference is presided over by one of the Heads of State and Government chosen by his peers.

This election is conducted so as to ensure that each Head of State and Government presides over the Conference in turn.

The President in office sets the dates and venues of meetings and approves the agenda.

In case of urgency, the President in office may consult other Heads of State and Government at their residences by written procedure.

New Article 9 (amended 12 July 2019)

The Governor of the BCEAO, the President of the Banking Commission, the President of the BOAD, the President of the AMF-UMOA, and the President of the UMOA Commission may attend Conference meetings to express their institution's or authority's opinion on agenda items concerning them.

SECOND CHAPTER

ON THE COUNCIL OF MINISTERS

Article 10

The Monetary Union is directed by the UMOA Council of Ministers.

Each member State is represented by two Ministers and casts only one vote, expressed by its Minister of Finance.

New Article 11 (amended 12 July 2019)

The Council elects one of the UMOA Ministers of Finance to preside over its proceedings.

This election, made by virtue of office, ensures that UMOA Ministers of Finance preside over the Council in turn.

The term of office of the President is two years.

The President of the Council of Ministers convenes and presides over meetings. He ensures the preparation of reports and decision proposals submitted to him and their follow-up.

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The Council may invite the BCEAO, Banking Commission, BOAD, AMF-UMOA, and UMOA Commission to submit reports and take any useful initiative for achieving UMOA objectives.

The BCEAO, BOAD, AMF-UMOA, and UMOA Commission provide for the organization of Council meetings and its secretariat.

New Article 12 (amended 12 July 2019)

The Governor of the BCEAO, President of the Banking Commission, President of the BOAD, President of the AMF-UMOA, and President of the UMOA Commission attend Council meetings.

They may request to be heard. They may be assisted by collaborators whose contribution they deem necessary.

Article 13

The UMOA Council of Ministers may invite duly accredited representatives of international institutions or States with which cooperation agreements have been concluded to participate, with advisory votes, in its proceedings or deliberations, according to modalities set by such agreements.

The Council may also invite experts or resource persons to participate, with advisory votes, in its proceedings or deliberations.

Article 14

The Council of Ministers meets at least twice a year upon convocation by its President, either on his own initiative, or at the request of a Minister of Finance representing a member State, or by the Governor of the BCEAO. In case of urgency, the President may consult other Council members at their residences by written procedure.

Article 15

To fulfill its missions and under the conditions provided by this Treaty, the Council of Ministers may adopt decisions and issue opinions and/or recommendations.

The Council of Ministers adopts decisions unanimously in matters within its competence under this Treaty and the BCEAO Statutes annexed thereto, as well as all matters that member State Governments agree to submit for its examination or decision. These decisions must respect international obligations undertaken by UMOA member States.

Article 16

The Council of Ministers oversees the implementation of the general guidelines and decisions of the Conference of Heads of State and Government.

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Article 17

The Council of Ministers is responsible for defining the regulatory environment for banking and financial activities and UMOA exchange rate policy. To this end, it adopts draft texts, prepared at its own initiative or by the Central Bank, concerning matters listed in Article 34 of this Treaty and grants necessary derogations to adapt them to specific conditions of UMOA member States.

The Council of Ministers also defines guidelines to strengthen monetary and financial integration, within the framework of multilateral surveillance of macroeconomic policies and performances of UMOA member States.

Article 18

The Council of Ministers defines UMOA's exchange rate policy, in consultation with the BCEAO Governor and subject to respecting international obligations.

It establishes an Exchange Rate Committee to assist it in this regard.

The composition and operating procedures of the Exchange Rate Committee are defined by the Council of Ministers.

Article 19

The Council of Ministers decides on modifying the name of the UMOA monetary unit and fixes that of its subdivisions.

Article 20

The Council of Ministers approves any agreement or convention involving an obligation or commitment by the Central Bank to be concluded with Governments and foreign central banks or issuing institutes, or international institutions.

It particularly approves clearing and payment agreements between the common issuing institute and foreign issuing institutes to facilitate external settlements for UMOA member States.

Article 21

The Council of Ministers adopts draft conventions to be concluded with Governments of West African States seeking admission to the UMOA under Article 35.

It also adopts draft conventions to be concluded by the BCEAO with a member State Government that has notified its withdrawal decision under Article 36.

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Article 22

The Council of Ministers may decide on projects or specific missions conducted by the Central Bank, respecting monetary equilibrium, as well as the creation by the BCEAO, or its participation in any special fund, organization, or institution, contributing to improving the monetary policy environment, diversification, and strengthening of the UMOA financial system and technical/professional capacities in the banking and financial sector.

THIRD CHAPTER

ON THE BANKING COMMISSION

Article 23

The Banking Commission is a UMOA authority responsible, inter alia, for organizing and supervising credit institutions.

The Banking Commission is governed by a specific convention signed by UMOA member States.

NEW FOURTH CHAPTER (amended 12 July 2019)

ON THE UMOA FINANCIAL MARKETS AUTHORITY

New Article 24 (amended 12 July 2019)

The Financial Markets Authority is a UMOA authority responsible, on the one hand, for organizing and supervising public savings campaigns, and on the other hand, for authorizing and supervising market participants.

The Financial Markets Authority is governed by a specific convention signed by UMOA member States.

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FOURTH TITLE

ON UMOA INSTITUTIONS

Article 25

The UMOA institutions are:

• the Central Bank of West African States (BCEAO);
• the West African Development Bank (BOAD).

FIRST CHAPTER

ON THE CENTRAL BANK OF WEST AFRICAN STATES

Article 26

Within the territory of each UMOA member State, the exclusive power to issue currency is entrusted to the common issuing institute, the Central Bank of West African States.

Article 27

The Central Bank is governed by the Statutes annexed to this Treaty, which form an integral part thereof.

Article 28

The Central Bank enjoys within the territory of each UMOA member State the privileges and immunities usually recognized to international financial institutions, under conditions set by the Protocol on Privileges and Immunities of the BCEAO annexed to this Treaty.

Article 29

Monetary instruments issued in each UMOA member State by the Central Bank have legal tender and discharge status throughout all member States.

The Central Bank's identification modalities for banknotes may be determined by the UMOA Council of Ministers.

Article 30

The Central Bank may establish, for each member State, a separate statement of currency issuance and its counterparties.

Article 31

The Central Bank maintains a statement:

• of external resources of public treasuries, establishments, enterprises, and public bodies in UMOA member States;

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• of the portion of external resources belonging to credit institutions established in the UMOA corresponding to their activity in member States.

In the event of exhaustion of its external resources, the Central Bank may request their transfer to its benefit, in exchange for currency it issues, of external foreign exchange held by all public or private bodies belonging to UMOA member States.

Proportional to foreseeable needs, it may limit this call to public bodies and banks only, proceeding prioritarily in member States whose issuance statement (prepared under Article 30) shows a negative position in external resources.

Article 32

The Central Bank keeps the UMOA Council of Ministers and Finance Ministers informed of financial flow movements and the evolution of claims and debts between these States and the outside world.

SECOND CHAPTER

ON THE WEST AFRICAN DEVELOPMENT BANK

Article 33

The West African Development Bank is a development bank created within the UMOA framework. The BOAD aims to promote balanced development of member States and contribute to their economic integration.

It is governed by a specific agreement signed by UMOA member States.

FIFTH TITLE

ON THE HARMONIZATION OF LEGISLATIONS

Article 34

Governments agree to adopt uniform regulations, the provisions of which are determined by the Council of Ministers, to enable full application of the monetary union principles defined above. This uniform regulation concerns in particular:

• the execution and supervision of their financial relations with non-UMOA States;
• general rules for exercising banking and financial professions and related activities;

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• payment systems;
• the repression of monetary instrument counterfeiting and use of counterfeit instruments;
• the repression of money laundering.

The UMOA Council of Ministers may adopt any other provisions it deems useful to strengthen or ensure the application of uniform regulation in banking and financial legislation.

The UMOA Council of Ministers may authorize derogations from agreed provisions, not affecting their principles, which appear justified by the specific conditions and needs of a UMOA member State.

SIXTH TITLE

MISCELLANEOUS PROVISIONS

Article 35

Any West African State may apply for admission to the West African Monetary Union.

To this end, it submits its application to the Conference of Heads of State and Government, which rules on it following a report from the BCEAO.

The accession conditions and resulting treaty adaptations are subject to an agreement between member States and the applicant State, after a conforming opinion from the UMOA Parliament.

This agreement is subject to ratification by UMOA member States, in accordance with their respective constitutional rules.

Article 36

Any member State may withdraw from the West African Monetary Union.

Its withdrawal decision must be notified to the UMOA Conference of Heads of State and Government. It takes effect automatically one hundred eighty (180) days after notification. This period may, however, be shortened by agreement of the parties.

The transfer modalities for the issuance service are fixed by agreement between the withdrawing State's Government and the BCEAO acting on behalf of, and under conditions set by, the UMOA Council of Ministers.

This agreement also fixes the share of negative positions that might be presented by the "external resources" account of certain other UMOA member States, which must be assumed by the withdrawing State due to its solidary participation in the prior management of the common currency.

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Article 37

This Treaty may be revised by the UMOA Conference of Heads of State and Government, on its own initiative or upon proposal by a member State.

Amendments decided or approved by the Conference enter into force after being ratified by all member States, in accordance with their respective constitutional rules.

Article 38

The Statutes of the Central Bank and the Protocol on Privileges and Immunities of the BCEAO annexed to this Treaty may be amended by the Council of Ministers acting unanimously, according to the procedure provided in said texts.

These amendments are not subject to ratification or approval.

Article 39

Member States consult within the Council of Ministers to jointly adopt necessary provisions to guarantee the security of property of UMOA institutions and authorities, as well as their personnel, in case of serious internal disturbances affecting public order, war, or grave international tension constituting a particular threat in a member State.

Safeguard measures are adopted by the Council of Ministers.

Article 40

The following provisions of the UEMOA Treaty are amended in accordance with this Article.

1°) - Article 18 "The Conference of Heads of State of the Monetary Union provided for in Article 5 of the UMOA Treaty exercises the functions assigned to it by this Treaty," is amended as follows:

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