Instruction No. 3/97 on the Approval of the Central Depository/Settlement Bank

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

INSTRUCTION NO. 3/97 ON THE APPROVAL OF THE CENTRAL DEPOSITORY/SETTLEMENT BANK

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 21 of the said Convention;

Having regard to Decision No. 001/97 of the Council of Ministers of the West African Monetary Union in its session of November 28, 1997, adopting the General Regulation relating to the Organization, Operation and Control of the regional financial market of the UMOA, hereinafter referred to as the General Regulation;

Having regard to Articles 12 to 16 and 20 to 22 of the said General Regulation;

Having regard to the decision of the Regional Council in its session of November 29, 1997;

The Regional Council adopts:

Article 1: The Central Depository/Settlement Bank is authorized, upon its approval by the Regional Council, to carry out, throughout the territory of the States of the Union, the following activities: the conservation and book-entry circulation of securities, the management of the settlement-delivery cycle, and the settlement of compensation balances relating to stock market transactions.

Article 2: The approval file submitted to the Regional Council must include the following documents:
a) the statutes of the company, which must be constituted in the legal form of a public limited company and have its registered office in one of the States of the West African Monetary Union; b) the amount and distribution of its share capital and the identity of its shareholders; c) the composition of its corporate bodies; d) the list of corporate officers and their criminal records; e) the description of the technical and human resources available to the company.

Article 3: The approval granted to the Central Depository/Settlement Bank is subject to the payment of a sum, the amount of which is fixed by instruction of the Regional Council.

Article 4: The approval of the Central Depository/Settlement Bank is the subject of a notice published in the official bulletin of the stock exchange.

Done in Ouagadougou, on November 29, 1997

For the Regional Council
The President
L. NAKA
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