Instruction No. 006-06-2016 Setting the Annual Levy on Net Profits of Credit Information Bureaus for Special Reserve Formation

The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States, annexed to the UMOA Treaty of 20 January 2007, particularly Articles 30 and 59; Having regard to the Uniform Act regulating Credit Information Bureaus in the member states of UMOA, particularly Articles 20 and 69, DECIDES

Article 1: Purpose
This instruction sets the amount of the annual levy to be paid by Credit Information Bureaus, in respect of the special reserve including any statutory reserve.

Article 2: Amount of the annual levy
The amount of the annual levy, within the framework of establishing the special reserve referred to in Article 1 above, is set at not less than ten percent of the net profits realized by the Credit Information Bureau. The levy referred to in the first paragraph above ceases to be mandatory when the amount of the special reserve reaches twenty-five percent of the share capital of the Credit Information Bureau.

Article 3: Penalties
Non-compliance with the rules provided by this instruction is penalized, in accordance with the provisions of the Uniform Act regulating Credit Information Bureaus in the member states of UMOA.

Avenue Abdoulaye FADIGA
BP 3108 – Dakar - Senegal
Tel.: (221) 33 839 05 00 / Fax: (221) 33 823 93 35 www.bceao.int

INSTRUCTION NO. 006-06-2016 SETTING THE AMOUNT OF THE ANNUAL LEVY ON NET PROFITS OF CREDIT INFORMATION BUREAUS FOR THE ESTABLISHMENT OF A SPECIAL RESERVE

2
Article 4: Entry into force
This instruction enters into force on the date of its signature.
It shall be published wherever necessary.

Done in Dakar, on 09 June 2016
Tiémoko Meyliet KONE