Instruction No. 17/99 on the Approval of Fees for Management and Intermediation Companies and Wealth Management Companies

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

INSTRUCTION No. 17/99 RELATING TO THE APPROVAL OF FEES FOR MANAGEMENT AND INTERMEDIATION COMPANIES AND WEALTH MANAGEMENT COMPANIES

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

Having regard to Article 22 of the Annex to the said Convention,

Having regard to the General Regulation relating to the Organization, Operation and Control of the Regional Financial Market of the UMOA adopted by Decision No. 001/97 of the Council of Ministers of the West African Monetary Union at its session on 28 November 1997,

Having regard to Articles 63 and 152 of the said General Regulation,

Having regard to the deliberations of the Regional Council at its session on 15 June 1999,

THE REGIONAL COUNCIL DECIDES:

Article 1:
Management and Intermediation Companies (SGI) and Wealth Management Companies (SGP) shall freely determine the fees applicable to the services they provide to their clients.

Article 2:
Prior to their implementation, the determined fees must be submitted to the Regional Council for approval.
Any subsequent modifications to approved fees shall require a request to the Regional Council for new approval.

Article 3:
The determined and approved fees must be displayed in such a manner as to allow public access. They must also be communicated to the Regional Securities Exchange and the Central Depository/Settlement Bank.

Article 4:
This Instruction shall be published wherever necessary.

Done in Dakar, on 15 June 1999

For the Regional Council
The President
L. NAKA