Instruction No. 003-04-2010 on Procedures for Revoking Approval of Credit Sales Financial Institutions

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 thereof; Having regard to the Statutes of the Central Bank of West African States (BCEAO) annexed to the UMOA Treaty, dated January 20, 2007, particularly Articles 30 and 59 thereof; Having regard to the Uniform Act on Banking Regulation, particularly Articles 2, 16 and 109 thereof; DECIDES

Article 1: Object
In accordance with Article 109 of the banking regulation law, this instruction aims to specify the procedures for revoking the approval of active credit sales financial institutions as of the law's effective date.

Article 2: Revocation of Approval
The revocation of approval is notified to credit sales financial institutions by an order issued by the Minister in charge of Finance of the member state where established.

Avenue Abdoulaye FADIGA
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INSTRUCTION NO. 003-04-2010 ON THE PROCEDURES FOR REVOKING APPROVAL OF CREDIT SALES FINANCIAL INSTITUTIONS

Article 3: Procedures Following Revocation of Approval The financial institution whose approval has been revoked shall carry out the following steps within the timeframe set by the revocation decision:
a) modification of its statutes, notably removing all provisions regarding its status as a financial institution; b) optional modification of its corporate name to remove any reference to its status as a financial institution; c) convening an Extraordinary General Meeting to approve the new statutes; d) filing a modification registration with the Commercial and Movable Credit Register.

The documents certifying the completion of the aforementioned steps must be submitted to the Minister in charge of Finance, the Central Bank of West African States (BCEAO), and the UMOA Banking Commission before the expiration of the timeframe set by the revocation decision.

Upon receipt of the revocation decision, the financial institution is required to notify its creditors and, where applicable, subscribers of issued securities by registered mail that the credit sales operation is excluded from the scope of the banking regulation law and that its approval as a financial institution has been revoked.

The aforementioned information must be published in a legal announcements newspaper.

Article 4: Verification Mission of the UMOA Banking Commission Upon expiration of the timeframe set by the revocation decision, the UMOA Banking Commission Secretariat General conducts a comprehensive verification of the concerned institution.

Article 5: Entry into Force
This instruction enters into force on May 3, 2010 and is published where necessary.

Done in Dakar, April 30, 2010
Philippe-Henri DACOURY-TABLEY
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