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

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

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

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 said Convention; Having regard to the General Regulations on the Organization, Operation and Supervision 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 on 28 November 1997; Having regard to Articles 118 to 152 of said General Regulations; Having regard to the deliberations of the Regional Council in its session on 02 July 1999;

THE REGIONAL COUNCIL HAS ADOPTED:

Article 1
The files of companies seeking to list 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 veto exercised by the Regional Council on the stock exchange listing is confirmed by a reasoned decision.

Article 2
The Regional Council ensures that the file complies with the criteria defined by the Regional Securities Exchange for the admission of securities to the listing.

Article 3
The Regional Council examines applications for the stock exchange listing of securities by:

• identifying the company and its registered office location, the admission compartment, and the Management and Intermediation Society presenting the security for admission;
• analyzing the company's financial statements for the last three fiscal years;
• verifying the statements 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 stock exchange listing follows a public offering, the Regional Council ensures the completion of the operation, confirmed by the transmission of an issuance report and the payment of the visa fee.

• The Regional Council further ensures that there are no information items likely to pose serious risks to investors.

Article 5
This Instruction shall be published wherever necessary.
Done in Abidjan, on 02 July 1999

For the Regional Council
The President
L. NAKA