Instruction No. 24/99 on the Information Note of Collective Investment Schemes in Securities

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

INSTRUCTION NO. 24/99 RELATING TO THE INFORMATION NOTE OF COLLECTIVE INVESTMENT SCHEMES IN SECURITIES

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

Having regard to Articles 18 to 20 of the Annex to 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 November 28, 1997,

Having regard to Articles 72 to 89 of said General Regulation,

Having regard to the decision of the Regional Council in its session of September 14, 1999,

THE REGIONAL COUNCIL DECIDES:

Article 1:
The information note prepared by Collective Investment Schemes in Securities (OPCVM) must include details relating to:

• the structure of the OPCVM,
• the management of the OPCVM,
• the administrative and financial conditions of the OPCVM;

Article 2:
Details relating to the identification of the OPCVM:

• classification of the OPCVM,
• name of the OPCVM,
• legal form,
• identification of the promoter,
• management company if applicable,
• financial management by delegation if applicable,
• custodian and/or establishment designated for:
• holding the securities,
• receiving subscriptions and redemptions,
• appointment of the statutory auditor (approved by the Regional Council for Public Savings and Financial Markets).

Article 3:
Details relating to the management of the OPCVM:

• nature of the OPCVM (SICAV or FCP),
• investment orientation (market, market risks),
• minimum recommended investment period,
• targeted subscribers,
• allocation of results: capitalization or distribution (in the latter case, the periodicity of result distribution must be specified).

Article 4:
Details relating to the administrative and financial conditions:

• operating procedures of the OPCVM,
• conditions for subscription and redemption of shares or units,
• maximum subscription and/or redemption commissions,
• maximum or actual management fees.

Article 5:
The information note must mention the precise contact details of the main management entities:

• the SICAV or the management company if it is delegated management,
• the custodian and/or the designated establishment(s) for receiving subscriptions and redemptions (if different from the custodian).

The address where the latest periodic documents of the OPCVM can be consulted must be specified.

Article 6:
The information note must indicate the date of approval of the Collective Investment Scheme in Securities and the date of publication of the first information note bearing the visa of the Regional Council. The complete information note must be made available to the public prior to any subscription; it must also specify:

• the date of closure of the financial year,
• the original net asset value,
• the date and frequency of net asset value calculation,
• the place and method of publication of the net asset value,
• the address of the OPCVM.

Article 7:
This instruction shall be published in the bulletin of the Regional Council.

Done in Cotonou, on September 14, 1999

For the Regional Council
The President
L. NAKA