Instruction No. 25/99 on the Application of Instruction No. 13/98 and Repeal of Its Articles 1 and 2

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

INSTRUCTION NO. 25/99 ON THE APPLICATION OF INSTRUCTION NO. 13/98 AND REPEAL OF ITS ARTICLES 1 AND 2 ______ 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 Article 15 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 on November 28, 1997, Having regard to Article 2 of Decision No. 003/07/98 of the Council of Ministers of the UMOA, in its session of July 2, 1998, setting the remuneration rates for the Regional Council for regulation and control of the Regional Financial Market, Having regard to Instruction No. 13/98 modifying and annulling Instruction No. 10/98 regarding the control fee for stock market operations, Having regard to Articles 1 and 2 of Instruction No. 13/98, Having regard to the deliberations of the Regional Council in its session of December 16, 1999, THE REGIONAL COUNCIL DECIDES:

Article 1:
The control fee for stock market operations is levied on the amount of the capitalization commission paid by the issuers and on the amount of brokerage fees collected by the Securities Intermediation Companies (SGIs).

Article 2:
The payment to the Regional Council of the control fee for stock market operations is made directly by Securities Intermediation Companies (SGIs).

Article 3:
Articles 1 and 2 of Instruction No. 13/98 modifying and annulling Instruction No. 10/98 regarding the control fee for stock market operations are repealed.

Article 4:
This instruction, applicable from its signature, shall be published.

Done at Lomé, on December 16, 1999
For the Regional Council
The President
L. NAKA
2