Instruction No. 41/2009 (Revised) on the Issuance of Professional Cards

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

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INSTRUCTION NO. 41 / 2009 (REVISED)

ON THE ISSUANCE OF PROFESSIONAL CARDS

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The Regional Council of Public Savings and Financial Markets,

Having regard to the Convention of July 3, 1996 establishing the Regional Council of Public Savings and Financial Markets, particularly its Annex on the composition, organization, functioning, and powers of the Regional Council of Public Savings and Financial Markets;

Having regard to the General Regulation No. 001/97 of November 28, 1997 on the Organization, Functioning, and Control of the regional financial market of the UMOA, as amended in its Article 103, by the UMOA Council of Ministers in its ordinary session of December 17, 2021;

Having regard to Decision No. 004 of 29/04/2021/CM/UMOA of the UMOA Council of Ministers appointing the President of the Regional Council of Public Savings and Financial Markets;

Having regard to the deliberations of the Regional Council in its 89th ordinary session of November 5, 2021;

Having regard to the deliberations of the Regional Council in its 53rd extraordinary session of April 13, 2022;

H E R E B Y A D O P T S

Article 1

Natural persons working for commercial intermediaries or exercising individually on the financial market of the West African Monetary Union are subject to holding professional cards issued by the Regional Council.

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01 B.P. 1878 Abidjan 01/Côte d'Ivoire - Avenue Joseph ANOMA TEL.: (225) 27 20 21 57 42 / 27 20 21 51 79 Fax: 27 20 22 16 57 1/3 presidence@crepmf.org http://www.crepmf.org

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Instruction No. 041 / 2009 (Revised)

Article 2

Holding professional cards is mandatory for persons called upon to be in contact with clients or working in areas requiring particular attention regarding the requirements of the profession and corporate governance.

The functions whose exercise requires the holding of professional cards are:

• executives of commercial intermediaries: Chief Executive Officer (CEO), Managing Director (MD), General Director (GD), Deputy General Director (DGD), General Secretary (GS), Partner - Manager, Manager, Provisional Administrator (PA);
• internal control officer of commercial intermediaries where this function is required;
• risk managers;
• capital market manager;
• traders;
• account keepers and custodians;
• portfolio managers;
• persons in charge of client relations;
• business introducers (BI), stock investment advisors (SIA), canvassers being natural persons or executives of BIs, SIAs, and canvassers being legal entities.

Article 3

The same person may hold professional cards for non-incompatible functions.

Article 4

Persons applying for one or more professional cards must be of legal age.

To obtain professional cards, the commercial intermediaries to which the concerned persons belong transmit to the Regional Council a file comprising:

• an extract from the criminal record dated less than three months ago (not applicable in case of change of function with the same commercial intermediary);
• an updated and certified true curriculum vitae, the format of which is defined by Circular;
• a certificate of professional competence (issued by the Executive or by the Chairman of the Board of Directors, when it concerns the Executive of the commercial intermediary);
• the minutes of the appointment of the Executive;
• two (02) passport-size photos (not applicable in case of change of function with the same commercial intermediary).

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01 B.P. 1878 Abidjan 01/Côte d'Ivoire - Avenue Joseph ANOMA TEL.: (225) 27 20 21 57 42 / 27 20 21 51 79 Fax: 27 20 22 16 57 2/3 presidence@crepmf.org http://www.crepmf.org

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Instruction No. 041 / 2009 (Revised)

In the event of a change of position during the year, within the same structure, the file must include:

• an updated curriculum vitae for the new position and certified true;
• a new certificate of professional competence (issued by the Executive or by the Chairman of the Board of Directors, when it concerns the Executive of the commercial intermediary);

The files of natural persons exercising individually the activities of business introducers, canvassers, or stock investment advisors are transmitted directly by the interested parties to the Regional Council. They comprise the same elements as those enumerated in paragraph 2 of this Article.

Article 5

Commercial intermediaries must bring to the knowledge of the Regional Council, as soon as they occur, all changes concerning persons holding professional cards (resignation, dismissal, change of function, etc.) as well as all facts likely to tarnish their honorability. To this end, they must return to the General Secretariat of the CREPMF, within fifteen (15) days following said changes, the last professional card(s) of the concerned persons. The same applies to persons who have been subject to one or more sanctions involving an interdiction from exercising their functions.

Article 6

Professional cards are renewed every three (03) years, at the latest by January 15 of the year following the end of the validity period.

Article 7

The granting of a professional card or its renewal is the subject of an opinion published in the Official Bulletin of Côte d'Ivoire (BOC).

Article 8

This Instruction, which will be published wherever necessary, repeals Instruction 41 /2009 of November 23, 2009, and takes effect from the date of its signature.

Done in Abidjan, on May 30, 2022

For the Regional Council
The President

Badanam PATOKI

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01 B.P. 1878 Abidjan 01/Côte d'Ivoire - Avenue Joseph ANOMA TEL.: (225) 27 20 21 57 42 / 27 20 21 51 79 Fax: 27 20 22 16 57 3/3 presidence@crepmf.org http://www.crepmf.org