Instruction No. 12/98 Amending and Cancelling Instruction No. 8/97 on Fee Schedules for Visas, Approvals, and Professional Cards

WEST AFRICAN MONETARY UNION
REGIONAL COUNCIL OF PUBLIC SAVINGS AND FINANCIAL MARKETS

INSTRUCTION NO. 12/98 AMENDING AND CANCELLING
INSTRUCTION NO. 8/97 ON THE FEE SCHEDULE APPLICABLE FOR THE ISSUANCE OF VISAS, APPROVALS, AND PROFESSIONAL CARDS

Having regard to the Convention of 3 July 1996 establishing the Regional Council of Public Savings and Financial Markets, hereinafter referred to as the Regional Council,

Having regard to Article 15 of the annex to the said Convention,

Having regard to Decision No. 001/97 of the Council of Ministers of the West African Monetary Union, in its session of 28 November 1997, adopting the General Regulations relating to the Organization, Operation, and Control of the Regional Financial Market of the UMOA, hereinafter referred to as the General Regulations,

Having regard to Decision No. 001/03/98 of the Council of Ministers of the West African Monetary Union, in its session of 27 March 1998, amending the provisions of Article 37 of the General Regulations,

Having regard to Article 4 of Decision No. 002/07/98 of the Council of Ministers of the West African Monetary Union, in its session of 02 July 1998, adopting the budget for the 1997 and 1998 financial years of the Regional Council of Public Savings and Financial Markets,

Having regard to Articles 90 to 110 of the General Regulations,

Having regard to Instruction No. 16/98 authorizing banks of the Union to perform the functions of account keeper and clearing agent,

Having regard to Instruction No. 8/97 on the fee schedule applicable for the issuance of visas, approvals, and professional cards,

Having regard to the deliberations of the Regional Council in its session of 22 September 1998,

THE REGIONAL COUNCIL DECIDES:

Article 1:
The fee schedule applicable by the Regional Council for the granting of visas is fixed as follows:

a - Visas for public offerings

• 3 ‰ for issuances between 1 and 10 billion FCFA,
• 2.5 ‰ for issuances between 10 and 20 billion FCFA,
• 2 ‰ for issuances exceeding 20 billion FCFA.
  The calculation of these charges for visas is performed by tranche and not on the total amount of the issuance. For issuances less than or equal to 1 billion FCFA, the charge is 1 ‰ of the issuance amount.

b - Visas for any document of an advertising nature issued in the framework of a public offering:
100,000 FCFA per document

Article 2
The fee schedule applicable by the Regional Council for the approval of structures and the granting of professional cards is fixed as follows:

a) approval of structures:

• Regional Securities Exchange: 20,000,000 FCFA
• Central Depository/Settlement Bank: 15,000,000 FCFA
• SGI: 2,000,000 FCFA
• Banks: 2,000,000 FCFA
• Wealth Management Companies: 1,000,000 FCFA
• Business Brokers, Salesmen,
  Investment Advice Consultants:

• legal entities: 400,000 FCFA
• natural persons: 200,000 FCFA

b) professional cards:

• per card and per year: 250,000 FCFA

Article 3
All prior provisions contrary to this instruction are hereby repealed, and in particular Instruction No. 8/97 on the fee schedule applicable for the issuance of visas, approvals, and professional cards.

Article 4
This instruction shall be published wherever necessary.

Done at Abidjan, on 22 September 1998

For the Regional Council
The President
L. NAKA