Instruction No. 02/CRCT/2021 on the Establishment, Composition and Operation of the CEMAC Public Treasuries Permanent Consultation Framework

BANK OF CENTRAL AFRICAN STATES

CENTRAL SERVICES
Settlement and Securities Conservation Cell

INSTRUCTION NO. 02/CRCT/2021 ON THE ESTABLISHMENT, COMPOSITION AND OPERATION OF THE PERMANENT CONSULTATION FRAMEWORK FOR CEMAC PUBLIC TREASURES

The GOVERNOR,

Having regard to Regulation No. 03/19/CEMAC/UMAC/CM on Treasury securities issued by the Member States of CEMAC;

Having regard to the General Regulations of the Settlement and Securities Conservation Cell (CRCT);

Having regard to the Adhesion Agreement to the Settlement and Securities Conservation Cell;

Having regard to the Convention on the organization of Treasury securities issuances;

Having regard to the Convention on participation in Treasury securities issuances;

Having regard to the Specifications for Treasury Securities Specialists (SVT);

After approval by the CRCT Supervisory Council during its extraordinary session on 18 November 2021 via videoconference;

ADOPTS THE INSTRUCTION CONTAINING THE FOLLOWING:

Article 1.- ROLE OF THE REGIONAL CONSULTATION FRAMEWORK

The Regional Consultation Framework is a forum for discussing matters related to the development of the CEMAC Treasury securities market, as well as sharing experiences in formulating the annual cash flow plan and Treasury securities issuance strategy, preparing and implementing the issuance calendar, and managing the network of Treasury Securities Specialists (SVT).

Article 2.- COMPOSITION OF THE REGIONAL CONSULTATION FRAMEWORK

The Regional Consultation Framework is composed of representatives from the Public Treasuries having responsibility for Treasury securities issuance tasks, with three (3) representatives per State.

Article 3.- SECRETARIAT OF THE REGIONAL CONSULTATION FRAMEWORK

The Secretariat of the Regional Consultation Framework is provided by BEAC, through the Settlement and Securities Conservation Cell (CRCT) and the National Directions, with one representative per National Direction, specifically the Head of Service responsible for capital markets.

Article 4.- PRESIDENCY OF THE REGIONAL CONSULTATION FRAMEWORK

The presidency of the Regional Consultation Framework is annual and rotating, following the alphabetical order of CEMAC country names. For each State, it is assumed by one of the three representatives designated by the Director General of the Public Treasury.

Before the start of each year, the Director General of the Public Treasury of the country assuming the presidency communicates to the secretariat the identity and role of its Representative who will assume the presidential function.

Article 5.- OPERATION OF THE CONSULTATION FRAMEWORK

The Consultation Framework meets quarterly, i.e., four (4) times a year and during the months of March, June, September and December. As needed, it may convene in extraordinary session.

The sitting President convenes the Consultation Framework meeting, setting its date as well as location and agenda, upon proposal by the Rapporteur.

If necessary, the President may expand the meeting to include SVTs from all CEMAC States, institutional investors, and any other entity or expertise.

The CRCT Manager reports on the items inscribed on the agenda of the meeting of the Regional Consultation Framework.

Article 6.- FINANCING OF THE ACTIVITIES OF THE REGIONAL CONSULTATION FRAMEWORK

The expenses inherent to the operation of the Regional Consultation Framework are entirely covered by the Bank of Central African States (BEAC), through the CRCT.

Article 7.- ENTRY INTO FORCE

This Instruction enters into force as of January 1, 2022.

Done in Yaoundé, on November 18, 2021

The Governor,
ABBAS MAHAMAT TOLLI