Instruction n° 68/2021 on the Standardization of Securities and Cash Accounts Held by Approved Account Keepers

WEST AFRICAN MONETARY UNION crepmf
REGIONAL COUNCIL FOR PUBLIC SAVINGS AND FINANCIAL MARKETS

INSTRUCTION N° 68/CREPMF/2021

ON THE STANDARDIZATION OF SECURITIES AND CASH ACCOUNTS OPENED WITH APPROVED ACCOUNT KEEPERS ON THE UMOA REGIONAL FINANCIAL MARKET

The Regional Council for Public Savings and Financial Markets,

Having regard to the Convention of July 3, 1996 establishing the Regional Council for Public Savings and Financial Markets, particularly its Annex on the composition, organization, functioning, and powers of the Regional Council for Public Savings and Financial Markets;

Having regard to General Regulation n°001/97 of November 28, 1997, relating to the organization, functioning, and control of the UMOA regional financial market, as amended in its articles 37 and 136 by the UMOA Council of Ministers in its sessions of March 27, 1998, and September 5, 2005;

Having regard to Decision n°004 of April 29, 2021/CM/UMOA of the UMOA Council of Ministers appointing the President of the Regional Council for Public Savings and Financial Markets;

Having regard to Directive n°02/2015/CM/UEMOA of July 2, 2015, on the fight against money laundering and the financing of terrorism in the member states of the West African Economic and Monetary Union (UEMOA);

Having regard to the deliberations of the Regional Council in its extraordinary 52nd session on December 21, 2021;

ORDERS

Joseph ANOMA Avenue 01 P.O. Box: 1878 Abidjan 01/Côte d'Ivoire TEL.: (225) 2720215742/2720215179 Fax: 2720221657 presidence@crepmf.org www.crepmf.org 1

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Instruction n° 68/CREPMF/2021

CHAPTER I: DEFINITIONS AND GENERAL PROVISIONS

Article 1: Definitions

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

• Financial Asset: Any security or contract issued or admitted to the regional financial market, which is capable of generating income or a gain for its holder, in exchange for a certain degree of risk-taking;

• Custodian Account Bank (CAB): Any bank in the West African Monetary Union (UMOA) that has been granted the status of Custodian Account Bank, by approval of the Regional Council for Public Savings and Financial Markets, in accordance with the provisions of the General Regulation relating to the organization, functioning, and control of the UMOA regional financial market;

• Client: Any person or entity receiving a securities account keeping service;

• Account: Any securities account or cash account attached to the securities account, opened with an Account Keeper approved by the CREPMF;

• Cash Account: Any account opened in the books of an approved Account Keeper or Depository institution by the CREPMF on the UMOA regional financial market and attached to one or more securities accounts, on which cash balances are deposited;

• Securities Account: Any account opened in the books of an approved Account Keeper or Depository institution (Custodian Account Bank or Management and Intermediation Company) by the CREPMF on the UMOA regional financial market, on which securities, negotiable debt instruments, units or shares of Collective Investment Schemes (CIS), and any financial instrument traded on a regulated market authorized by the Regional Council are deposited;

• Management and Intermediation Company (MIC): Any financial institution that has been granted the status of Management and Intermediation Company, by approval of the Regional Council for Public Savings and Financial Markets, in accordance with the provisions of the General Regulation relating to the organization, functioning, and control of the UMOA regional financial market;

• Collective Investment Scheme Management Company: Any financial institution that has been granted the status of UCITS Management Company, Credit Securitization Fund (CSF) Management Company, or any other form of Collective Investment Scheme (CIS) Management Company, by approval of the Regional Council for Public Savings and Financial Markets, in accordance with the regulatory provisions of the UMOA regional financial market;

Joseph ANOMA Avenue 01 P.O. Box: 1878 Abidjan 01/Côte d'Ivoire TEL.: (225) 2720215742/2720215179 Fax: 2720221657 presidence@crepmf.org www.crepmf.org 2

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Instruction n° 68/CREPMF/2021

• Account Keeper: Any market participant authorized to record financial assets in accounts on behalf of third parties.

Article 2: Purpose

This Instruction aims to establish a unique nomenclature for securities and cash account numbers, domiciled with authorized Account Keepers.

Article 3: Scope of Application

This Instruction applies to all actors on the regional financial market, in particular the Account Keepers and similar actors approved by the CREPMF. These are primarily Management and Intermediation Companies (MICs), Custodian Account Banks (CABs), and Collective Investment Scheme Management Companies.

Article 4: Opening of Cash Accounts Attached to Securities Accounts

Every securities account opened in the books of an Account Keeper must be accompanied by the opening of one or more cash accounts exclusively dedicated to it.

CHAPTER II: ACCOUNT NOMENCLATURE

Article 5: Characteristics of Accounts

The securities and cash account numbers opened with Account Keepers on the regional financial market must include the characters defined by a circular letter of the Regional Council. These characters are grouped into seven (07) categories as follows:

• an account keeper code,
• a counter code,
• an account type code,
• a client category code,
• a client type code,
• a serial number,
• a control key.

Joseph ANOMA Avenue 01 P.O. Box: 1878 Abidjan 01/Côte d'Ivoire TEL.: (225) 2720215742/2720215179 Fax: 2720221657 presidence@crepmf.org www.crepmf.org 3

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Instruction n° 68/CREPMF/2021

Article 6: Operations on the Account

The documents supporting operations on an account must mention the number of said account, established according to the nomenclature defined by the circular letter cited in Article 5 of this Instruction.

Stock exchange orders transmitted in the BRVM trading system must include the corresponding account numbers.

CHAPTER III: TRANSITIONAL AND FINAL PROVISIONS

Article 7: Transitional Provisions

Account Keepers approved before the effective date of this Instruction have a maximum period of one (01) year from January 1, 2022, to comply with its provisions.

Article 8: Publication and Entry into Force

This Instruction, which repeals all prior contrary provisions, shall take effect from the date of its signature. It shall be published wherever necessary.

Done in Abidjan, on DEC 21, 2021

For the Regional Council,

The President

Badanam PATOKI

Joseph ANOMA Avenue 01 P.O. Box: 1878 Abidjan 01/Côte d'Ivoire TEL.: (225) 2720215742/2720215179 Fax: 2720221657 presidence@crepmf.org www.crepmf.org 4