Instruction No. 18/99 on the Listing of Securities on the Regional Stock Market

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

INSTRUCTION NO. 18/99 RELATING TO THE LISTING OF SECURITIES ON THE REGIONAL STOCK MARKET

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 22 of the Annex to said Convention, Having regard to the General Regulations 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 in its session of November 28, 1997, Having regard to Articles 118 to 152 of said General Regulations, Having regard to the deliberations of the Regional Council in its session of July 2, 1999,

THE REGIONAL COUNCIL DECIDES:

Article 1
The files of companies requesting the listing of their securities on the stock exchange are submitted to the Regional Council, which has a period of seven (07) days from the date of submission to express its opinion. Any eventual veto opposed by the Regional Council to the listing is recorded by a reasoned decision.

Article 2
The Regional Council ensures the conformity of the file with regard to the criteria defined by the Regional Securities Exchange for the admission of titles to the list.

Article 3
The Regional Council examines the files of requests for the listing of securities on the stock exchange by proceeding to:

• the identification of the company and the location of the registered office, the admission compartment, and the Management and Intermediation Society presenting the value to be admitted,
• the analysis of the company's financial statements for the last three fiscal years,
• the verification of the mentions contained in the information note approved by the Regional Council and in the accompanying documents; said note and documents must be less than three (3) months old.

Article 4
When the listing follows a public offering, the Regional Council ensures the closure of the operation evidenced by the transmission of an issuance report and the settlement regarding the visa.

• The Regional Council also ensures that there is no information likely to run serious risks to investors.

Article 5
This Instruction shall be published wherever necessary.
Done at Abidjan, on July 2, 1999
For the Regional Council
The President
L. NAKA
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