Instruction No. 13/98 Amending and Annuling Instruction No. 10/98 on the Control Fee for Stock Exchange Operations

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

INSTRUCTION NO. 13/98 AMENDING AND ANNULING
INSTRUCTION NO. 10/98 RELATING TO THE CONTROL FEE FOR STOCK EXCHANGE OPERATIONS

Having regard to the Convention of July 3, 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 said Convention,

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

Having regard to Article 2 of Decision No. 003/07/98 of the Council of Ministers of the UMOA, in its session of July 2, 1998, authorizing the Regional Council to make deductions from certain categories of receipts of the Regional Stock Exchange of Securities and the Central Depository/Settlement Bank,

Having regard to Instruction No. 10/98 relating to the control fee for stock exchange operations,

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

THE REGIONAL COUNCIL DECIDES:

Article 1:
The collection on behalf of the Regional Council of a control fee for stock exchange operations is established at the expense of the West African Securities Exchange (BRVM).

Article 2:
The control fee for stock exchange operations is levied on the amount of revenue collected by the West African Securities Exchange (BRVM) under:

• the capitalization commission,
• the brokerage that SGIs reverse to the BRVM.

Article 3:
The taxable event for the fee consists of:
the billing of the capitalization commission to issuers, the reversal to the BRVM of a portion of the brokerage collected by the SGIs.

Article 4:
The rate of the fee is set at 5%.

Article 5:
All prior provisions contrary to this instruction are repealed, and notably Instruction No. 10/98 of February 20, 1998 relating to the control fee for stock exchange operations.

Article 6:
This instruction shall be published wherever necessary.

Done at Abidjan, on September 22, 1998
For the Regional Council,

The President
L. NAKA
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