Instruction No. 14/98 Amending and Annuling Instruction No. 11/98 on the Control Fee for Settlement/Delivery Movements and Custody

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

INSTRUCTION NO. 14/98 AMENDING AND ANNULING
INSTRUCTION NO. 11/98 RELATING TO THE CONTROL FEE ON SETTLEMENT/DELIVERY MOVEMENTS AND CUSTODY

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 UMOA Council of Ministers, in its session of November 28, 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 Article 2 of Decision No. 003/07/98 of the UMOA Council of Ministers, in its session of July 2, 1998, authorizing the Regional Council to make deductions from certain categories of revenue of the Regional Securities Exchange and the Central Depository/Settlement Bank, Having regard to Instruction No. 11/98 relating to the control fee on settlement/delivery movements and custody, Having regard to the deliberations of the Regional Council, in its session of September 22, 1998,

THE REGIONAL COUNCIL DECIDES:

Article 1:
The collection, for the benefit of the Regional Council, of a control fee on settlement/delivery movements and custody is established at the expense of the Central Depository/Settlement Bank.

Article 2:
The control fee on settlement/delivery movements and custody is assessed on the gross receipts collected by the Central Depository/Settlement Bank under:

• the commission on settlement/delivery movements,
• the "Issuer" affiliation commission.

Article 3:
The taxable event for the fee consists of:

• the settlement of funds and the delivery of securities,
• the billing of the "Issuer" affiliation commission to issuing companies.

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

Article 5:
All previous provisions contrary to this Instruction are repealed, and notably Instruction No. 11/98 relating to the control fee on settlement/delivery movements and custody.

Article 6:
This Instruction shall be published wherever necessary.

Done in Abidjan, on September 22, 1998
For the Regional Council
The President
L. NAKA